Non Profit Insurance Program: The Need for Workers Comp
Workers compensation policies benefit both the employee and employer of a business; employees get benefits regardless of who was at fault for their injury while employers get protection from lawsuits by injured employees who want to be awarded damages for pain and suffering, or even mental anguish. Despite this, there is a common misconception amongst small business, including non profits, that workers compensation is not needed. Not only is it a good idea to obtain workers comp insurance as part of a non profit insurance program, it is required by most states.
One other common myth about workers comp is that it’s too expensive and that if an employee is injured the non profit can just pay out of pocket for the individual’s injuries. What they aren’t taking into consideration, however, is how quickly and easily costs can add up. In addition to paying the employee for their medical costs, they also have to consider the time and compensation loss for the employee, as well as the cost of hiring a temporary employee while they are out of work. The most severe injuries can mean 50+ days off the job, or even permanent impairment, which workers comp can cover.
Many business also mistakenly believe they won’t be sued for compensation for an employee injury. However, oftentimes employees without workers comp coverage might feel like they have to sue just to be able to pay their bills. Depending on the severity of the injury, the total costs of the damages awarded to them, in addition to defense costs and legal fees, can be thousands of dollars, if not close to a million dollars.
Workers comp is just one essential addition to a Non Profit Insurance Programs that your clients should be aware of. At Charity First, we are committed to helping you place comprehensive coverage for your non profit clients. Our mission is to provide coverages tailored to meet the unique needs of this niche market segment. Please contact us today for more information at (800) 352-2761.