Could a Back Injury Kill Your Business?

Many employers face the prospect of staff illness compromising their efficiency and business performance. However, if you work in the trades, injuries are potentially a much larger risk. Although a back injury can vary from a minor sprain to a more serious fracture, they have the potential to cause a long rehabilitation, with long term pain and suffering. This means that should your employee suffer a back injury while working on the job, without workers compensation insurance cover, you could be faced with a claim for thousands and thousands of dollars.

Workers compensation insurance is designed to protect business owners from this type of risk. Many business owners overlook this coverage, believing that it is an unnecessary expense. However, this can be a very costly mistake. All the Australian states recognise the need for workers compensation coverage, whether you employee one temporary volunteer or a whole team of workers. The coverage is needed even if your staff are on a temporary contract or only work part time.

The main reason why workers compensation insurance is essential is for financial and legal protection. Imagine a scenario where your employee falls from a ladder and suffers a back injury. Even a minor sprain could mean that they are unable to work for several weeks. This would mean that not only will you have the stress of arranging cover, but you could be hit with a claim for lost wages, medical bills and compensation for pain and suffering. These types of claims tend to be filed for large sums as the nature of an injury is that it is difficult to assess the long term implications for range of movement and pain.

Having proper coverage in place, will mean that you don't need to deal with costly legal fees or negotiating a financial settlement. This can be a very time consuming and frustrating process but with workers compensation insurance, your insurance provider will handle all these aspects of the claim. This can mean you can retain your relationship with your worker, as the insurance company and legal teams handle the details of the claim.

With millions of work hours lost through injuries and accidents, especially back injuries, you may regret neglecting your insurance protection to save a few dollars. This type of claim could mean the difference between having the capital to continue trading or being forced to become bankrupt. Payment of claims awarded need to be promptly settled and you may find that a court orders your equipment and business assets seized to settle the debt. Is it really worth the risk when a simple insurance premium could provide protection and reassurance.

If you are interested in learning more or would like a quotation for workers compensation insurance, contact us. We are a specialist broker with access to an extensive panel of providers. Our expert advisers would be happy to discuss your exact requirements and help you to secure a cost effective solution to provide you with the protection and reassurance you need to concentrate on your core business.

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Julia Robret has broad and deep experience in insurance field. She also writes articles in her spare time. Presently, she is writing contents on Plumbers Liability Insurance