Workers' Compensation Insurance
for Allied Health, Fitness, Mental Health and Medical Professionals
As a healthcare professional, you likely rely on the help of your staff to make sure your practice runs smoothly. From the receptionists who handle your appointments and file your paperwork to the healthcare assistants who conduct preliminary exams, your employees help make your business a success. But no matter the precautions you take to ensure your office is a safe place to work, unpredictable accidents and injuries happen all the time — and they can be costly for a business without adequate coverage.
To create a safer work environment for your employees and manage the risk of on-the-job injuries and illnesses, you may consider purchasing Workers' Compensation Insurance. Just as General Liability covers your business for third-party claims, Workers' Compensation coverage protects your business from paying out of pocket for injuries, medical expenses, or lawsuits associated with your injured or ill employees.
Keep reading to learn more about Workers' Compensation Insurance and how this coverage is a necessary risk-management measure for your healthcare practice.
Protecting Healthcare Employees
Workers' Compensation Insurance: Protecting Healthcare Employees
Your staff's in-office responsibilities come with their own set of risks. For example, if your staff lifts heavy office equipment or boxes of files, they could injure their backs. If your employees sit behind a computer screen all day, they could develop repetitive motion injuries, such as carpal tunnel syndrome. In a healthcare facility, employees often come in contact with sharps or hazardous materials, which means they could risk infection if they are accidentally exposed.
When you have Workers' Compensation Insurance as part of your business's overall risk management plan, you have an added layer of security against the risks outside your realm of control. Workers' Compensation can provide the necessary funds to cover immediate medical attention, such as a visit to the ER, if an employee is injured at work. This coverage can also compensate your employee for the foregone income they would have earned while they recover.
Along with injuries and accidents, there is also the possibility that your business may face a lawsuit over an employee's work-related ailment. The good news is that your Workers' Compensation policy can also provide your healthcare business with the funds to cover the expense of hiring an attorney, settlement costs, and other court expenses, depending on the limits of your plan.
As of right now, most states mandate that any business with employees carry some kind of Workers' Compensation Insurance. The exact requirements of this coverage can vary drastically from state to state, so you may want to consult one of our Healthcare Specialist insurance agents to discover the option that meets your state's requirements.
How You Benefit
How Healthcare Businesses Benefit from Workers' Compensation Insurance
Workers' Compensation coverage is a beneficial asset to any business protection plan. Also called Workman's Comp or Workers' Liability Insurance, this policy can protect your healthcare practice by providing you with coverage for legal fees, medical expenses, and lost wages if your employee is injured on the job or suffers from a job-related illness.
Employers' Practices Liability Insurance (EPLI) is generally included in your policy and covers the expense of lawsuits that can accompany job-related accidents. If your employee is injured at work or from performing work tasks or duties, they could sue your practice. In the event of a lawsuit, your policy can help pay for legal costs associated with the claim, even if the lawsuit is meritless.
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Key Details About Workers' Compensation for Healthcare Businesses
As you begin the search for Workers' Compensation coverage, you may find yourself overwhelmed by the sea of options at hand. Before you shop around, take a look at the following considerations to keep in mind, and remember you can always ask insureon's healthcare business insurance experts to help you determine which policy is appropriate for your specific business's needs.
Know Your State's Laws for Workers' Compensation.
If your healthcare practice has employees, it's a safe bet that your state probably requires you carry some kind of Workers' Compensation coverage. Still, the specifications can vary from state to state, so it's important to understand what your state requires. For example, Ohio, North Dakota, Washington, and Wyoming operate a state-administered fund of Workers' Compensation Insurance, so your policy options may be more restricted.
Part-time workers and volunteers may still need to be covered by your policy depending on state laws. When in doubt about your state's regulations, our insureon agents can help clarify what your best course of action may be to meet requirements.
Consider Excluding Yourself from Your Workers' Comp Policy.
As the business owner, you may be able to exclude yourself from Workers' Comp coverage, depending on laws in your state. While this can save you some money on your policy, you want to weigh this against whether you would benefit from the added protection the policy may offer you. For example, if you suffer a work-related injury or illness, Workers' Comp coverage could compensate you for the lost income while you were recovering. Talk to an insureon agent for advice about which option is most beneficial for your practice.
Risk Management Tips
Risk Management Tips for Healthcare Business Owners
Workers' Compensation Insurance is an essential part of your risk-management plan, but there are other precautions you should also take to create a safe work environment for your employees, such as:
- Holding regular training sessions with your staff about proper lifting techniques for heavy items and how to properly use medical or office equipment.
- Investing in ergonomic office supplies to combat the risk of your employees developing repetitive motion injuries and strain.
- Ensuring your employees know how to properly handle and dispose of hazardous materials, especially if your employees handle sharps or come in contact with contaminated supplies.
Still have questions about Workers' Compensation coverage for your healthcare business? Contact an insureon agent today!