Workers’ compensation insurance covers losses related to work-related injuries. When one of your employees is injured at work, you, the owner of the company, need workers’ compensation insurance to cover the employees’ medical expenses. The incident must be caused by an incident within the course and scope of the employees’ duties at work. Generally, as long as the injury occurs on the work premises, happens during work, and takes place while the employee is at work, the claim will be covered. Of course, there are numerous exceptions. Contact your workers’ compensation insurance adjuster for an extended explanation of which claims will be accepted and which will be denied.
Orthotic and prosthetic device manufacturing Workers Compensation insurance is necessary for several reasons. In many states, workers’ compensation insurance is mandatory. If you don’t have workers’ compensation insurance you could face fines, suspensions, and you could possibly lose your business license. You could also be on the hook for the medical expenses and lost wages owed to your injured workers. If someone is injured and the employee’s claim is accepted, they may be eligible to receive lost wage reimbursement payments to help them pay the bills while off work. If you don’t have insurance, you may be ordered to pay out of pocket. To avoid these delays and obstacles, make sure you have the proper insurance policies in place before you open your business.
Unique Liabilities
Orthotic and prosthetic device manufacturing is a perilous job. You need to be able to create orthotics and prosthetics for people that work and won’t cause them undue harm. If you fail in these efforts, you could face product liability lawsuits or other legal challenges. If one of your employees is injured while at work and you don’t have workers’ compensation, you could be ordered by a court to cover the costs associated with the injury. Without the proper types of insurance, you may have to pay out of your pocket, which could devastate an already cost burdened industry like orthotic and prosthetic manufacturing.
General Liability Insurance and Product Liability Insurance
Besides workers’ compensation, you should also consider purchasing general liability insurance. Workers’ compensation insurance covers your employees and their work-related injuries. As a business owner, you need more than one form of insurance to feel safe. General liability insurance policies will help you pay for expenses that arise when an employee injures a client while fitting them for a prosthetic. Product liability insurance will provide you with the support you need if a client is injured by one of your products. If someone claims they were harmed by one of the orthotics that you produced, you need product liability insurance to take care of the legal costs and possible fines. Without these other, essential forms of insurance, you could be on the hook for all of the associated expenses.
