Work injury compensation insurance is a plan that provides legal coverage to the employers. . Such a policy is also helpful in satisfying the liabilities that are imposed upon them under the statute of workers’ compensation. The coverage is important for employers since it is useful for them to pay compensation in the event of a death or injury of their employees while they are at workplace. Although there is no doubt that it is an extremely crucial corporate insurance product, there are several employers who would rather not purchase it as there are several misconceptions surrounding them. Here are some of the top myths on work injury compensation insurance debunked.
Myth 1: Work injury compensation insurance is only meant for large organizations and not contractors all risk insurance singapore .
Although you may have a few workers you will require work injury compensation insurance. Yes, it is an optional coverage, but it is recommended that you buy this policy as you could be still held responsible for any type of injuries caused to your workers while they are at work
Myth 2: You feel that the working environment at your workplace is safe and your workers are not likely to get injured.
In reality, it is one of the most important responsibilities to provide a conducive and safe working environment to your workers since you are the employer. No matter how safe you feel the workplace is, accidents can still take place leading to injuries. Thus, it is definitely useful to purchase a work injury compensation insurance policy so that you are ready for any kind of eventualities. Though it may appear unlikely, it is always better to be safe than to be sorry later.
Myth 3: When most of your workers are not located in your office, you need not purchase a work injury compensation insurance coverage.
Though your staffs may be working for you from various other sites, you may still require purchasing a work injury compensation insurance plan. After all, there will not be any key impact due to the geographical location where they stay.
Myth 4: You part as an employer ceases since you have already given the compensation under your work injury compensation insurance.
Your most important role as the employer begins of after you paid the compensation through a work injury compensation insurance. It is essential for you as an employer to establish frequent connection with the injured employee so that you can monitor their recovery process continuously. When you do so, you will know when your injured employee will be able to resume his or her work. On several occasions, employees not only expect monitory benefits but also appreciate the human youth and sympathy that you extend towards them as their employer. Additionally, in case your employee sustains an injury due to alteration in their professional responsibilities; you may find a fresh job for that worker prior to their resuming work post recovery.
Myth 5: Your part-time workers do not fall within the scope of work injury compensation insurance
In reality, your employee’s status is not important of you plan to apply for a work injury compensation insurance policy. In fact, all employees who are a part of your payroll can be under the purview of this corporate insurance and that includes full-time as well as part-time workers.
Myth 6: You feel your workers are like your family members. Hence they will never sue you
While it is good to know that you regard your workers like the members of your family, you could be mistaken when you do not purchase this coverage thinking that they will never sue you. If you do not have work injury compensation insurance, you may have to make payments from your own pocket in case an injured worker sues you.