Investing in the right insurance policies is not only a way to protect your employees, but your business, too.
This article explores what Workers’ Compensation insurance is and why it is so important for those in the trucking industry.
What are the Legal Requirements for Workers’ Compensation for Trucking Companies?
There is no federal legal requirement for trucking companies to obtain Workers’ Compensation insurance. It is left up to the states to decide whether or not to mandate it — and in most states, it is.
There are many variances among the states as to the specifics of the requirements. For instance, some will require trucking companies to have coverage even if they only have a couple of part-time employees whereas other states may not require it unless you have more than five full-time employees.
Most independent owner-operators do not need to carry this insurance. However, if you own a trucking company, it is a good idea to look into the legal requirements for the state where your business is established so that you are always in compliance.
Workers’ Compensation Provides Coverage for Injured Employees
Workers’ Compensation offers work-related accident coverage. It does not matter how much you try to protect your employees from injury or put safety precautions in place, accidents can happen.
For truckers, that means injuries while out on the road or at your warehouse. Lifting injuries, slip and fall injuries, and repetitive stress injuries are very common in the industry. And, losing an employee, especially a driver, for any length of time due to an injury can be detrimental to productivity.
Knowing you have insurance coverage from Workers’ Compensation means that you can count on treatments and benefits, such as:
- Immediate and ongoing medical costs coverage
- Disability benefits to make up for missed wages for those who cannot work
- Death benefits for fatal accidents
Any work-related accident will come with peace of mind.
Workers’ Compensation Protects Your Business From On-the-Job Injury Lawsuits
Today, it is not uncommon for an injured employee to take legal action against their employer. Even those employees who have worked at the same company for years or who have established friendships beyond the business may still take action. After all, one injury can change everything.
As the owner of a trucking company, do not think you are immune to legal action from injured employees. If you aren’t prepared, it could lead to great financial loss and it isn’t worth taking the risk. Even if you believe it is a frivolous lawsuit, you will still have to cover the cost to fight it in court.
With Workers’ Compensation insurance, you will likely have coverage known as employer’s liability insurance. This will protect you and your business should a lawsuit get filed. It covers attorney fees, court costs, settlements, judgments, and more.
Reduce Your Risk with Workers’ Compensation
Sure, investing in Workers’ Comp is one more thing you have to worry about — and one more payment you have to make. But, without it, you could put your business and your livelihood at risk.
It isn’t about if an employee is injured, but when. Make sure you are protected.
Daniel & Henry provides comprehensive, value-added commercial truck insurance solutions designed for your trucking business. To ensure you are covered no matter the situation, learn more about their coverage options at https://truckerinsure.com or call 877-406-5915.