Workers’ compensation is necessary, even if you work in an office-based profession like consulting. Even though physical danger is not always apparent in a consulting business, an accident can cripple your business due to financial capital expending on a lawsuit.
Workers’ compensation is invaluable whether you are a large consulting firm or a one-person show with a secretary. It provides medical expenses, rehabilitation costs, and lost wages to employees injured at work, offering protection to your business.
Many consultants need to be made aware of the risk of not understanding their workers’ compensation insurance. It needs to be addressed due to the safe nature of the consultant’s office. Below, we discuss the types of injuries and liabilities that consultants face to help you understand workers’ compensation better.
Injuries Consultants Face at Work
Even though consulting businesses are at a lower risk of injuries, all it takes is one accident to leave you in a compromised financial position. Arming yourself with workers’ compensation insurance can reduce your liability should a consulting staff member suffer an injury while working.
Workers’ comp insurance covers expenses due to injury, such as:
- Lost wages for any work missed;
- Medical emergency costs (cost of space on an air ambulance or chartered plane, a stretcher, or a nurse to escort you home);
- Cost of continuing or extended care (medication, physiotherapy, follow-up care);
- Short-term disability costs (cash benefits to consulting staff that have to stop working due to work-related injuries);
- Funeral costs (in the unfortunate event one of your consulting staff loses their life from a work-related injury, workers’ comp insurance helps cover their funeral costs).
Consulting businesses (small or large) and independent contractors (including consultants) are smart when they invest in workers’ comp for consultants. It alleviates the costs that fall on them so they can continue offering advice and expertise to clients.
Liabilities Consultants Face at Work
Suppose a consulting staff files a lawsuit after suffering an injury at the workplace. In that case, your firm could be liable and fold under the financial burden of settlements and litigation expenses.
Workers’ comp for consultants covers these costs, including:
- Filing fees;
- Legal fees;
- Court costs;
- Attorney fees;
- Hiring special witnesses; and
- Settlement payments.
If you are a business owner with business insurance to cover injuries at the workplace, it would be in your best interest to add private coverage to seal loopholes in the coverage of liabilities. If you have commercial insurance, go through your insurance policy to determine if it includes liability coverage. If it does not, you might be liable for costs if the injured staff decides to pursue litigation.
Invest In Workers’ Compensation Insurance
The office setting may be relatively safe as a consulting business; however, there is still a chance that your consulting staff could be injured on the job.
Suppose a member of your consulting staff suffers a work-related injury. In that case, workers’ compensation insurance for consultants will cover their medical expenses, lost wages, short-term disability costs, and funeral costs in some cases.
If the injured staff chooses to pursue litigation, workers’ comp for consultants will cover litigation costs, including filing, court, legal, and attorney fees. Invest in workers’ compensation for consultants and protect your consultancy’s future today.