The Universal
Concern for Employers
What concerns, as an employer, would you have if an employee
were injured on the job? The ability to pay for the medical attention that is
needed? The necessity in paying the employee a salary even if they are unable
to work? What if a spouse of an employee sues your company for loss of
consortium due to the injury? These are all things that an Employer could face
if an employee is injured at work.
In SC, if you have 4 employees, you are REQUIRED by state
law to carry Workers’ Compensation insurance. This insurance is intended to
provide the employees financial compensation if injured on the job, as well as
offers protection for the employer by ensuring that the they are able to
provide employees with compensation in the event they are hurt.
Typically, if employers fail to purchase Workers’
Compensation insurance, they find that the fines they will incur because of
this failure to obtain coverage, are actually the least of their concerns. Not
only will the employer be responsible for an unlimited financial exposure and
liability for an injured employee, but if an employee is permanently disabled
and a death occurs, the employer could be facing a lawsuit to compensate the
employee and their family for loss income, lifestyle change, loss of
consortium, etc. Employers without Workers’ Compensation insurance, are putting
themselves at serious risk as some businesses have been forced into bankruptcy
due to the financial burden left behind after an employee was injured.
The risk of bankruptcy is far more than the premium of a
Workers’ Compensation policy to make sure your company is protected in the
event an employee is injured while working.
