Workers’ compensation is designed to provide disability income and medical expenses for employees who suffer work-related injuries. In fact, in many states it’s a legal requirement for business and farm owners. But what about business owners or farm owners who don’t have any employees or aren’t required by law to insure themselves? While it may not be required by law to purchase a workers’ compensation policy, all business and farm owners should still consider it.
Here are four reasons why every farm or business owner should consider workers’ compensation for themselves:
1. Medical coverage without a deductible or copayments
Because there isn’t a deductible or copayment on workers’ compensation medical coverage, should an injury occur, good treatment is typically affordable and timely.
2. Who would work if you were injured?
Temporary Total Disability (TTD) is a benefit of workers’ compensation that can help an owner hire help while they’re off work due to an injury. In many cases, owners do much of the work for their farm or business. When they are injured and unable to work, this can cause delays in production or even loss of business. With a workers’ compensation policy in place, temporary disability benefits can be helpful to pay for additional help while the owner is unable to work.
3. Medical coverage can last a lifetime
Workers’ compensation medical coverage is driven by date of loss and can last a lifetime — unlike health coverage, which is driven by annual policy periods and may not be renewable. Secondly, renewing and paying for health insurance on an annual basis after a significant injury can be expensive or cost prohibitive.
4. Permanent disability insurance may be very helpful
Permanent disability or other indemnity benefits may be very helpful to help provide for the future, should a significant injury occur. For example, if a farm or business owner is permanently injured in some capacity, permanent disability benefits may help offset the burden for a longer period of time. Depending on the extent of the injury, there may even be disability income for the rest of their lifetime.
Protecting You and Your Employees
You do your best to keep your business or farm a safe place, but accidents can happen in any workplace. Your Farm Bureau agent can help ensure you have the workers’ compensation coverage you need!