Medical Staffing Workers' Compensation Insurance
Workers’ compensation insurance covers medical costs and lost wages for work‐related injuries and illnesses. This policy is required in almost every state for businesses that have employees.
Why Medical Staffing Employees Need Workers Compensation Insurance
Even if you take steps to ensure a safe work environment, you can’t prevent every accident. From carpal tunnel syndrome to a needlestick injury that transmits hepatitis, an injury or illness can be financially disastrous for a small healthcare company. Workers’ compensation can pay for medical bills and missed wages while an employee is recuperating. The medical field is riddled with job-related injuries as the need for doctors and nurses grow worldwide. It is necessary to have workers’ compensation insurance to protect your business and employees from the effects of these injuries.
Common Injuries Experienced by Medical Staffing Employees
Some of the most common types of injuries suffered by healthcare workers as a result of these and other workplace incidents include:
Sprains and strains – OSHA data show that sprains and strains are the most frequently reported injury among healthcare workers. Most strains and sprains affect the shoulders and the lower back.
Slipped discs – Body mechanics when transferring or lifting patients can damage the discs (the fleshy tissue that cushions your spinal bones).
Bloodborne infectious diseases – The CDC indicates that needlesticks significantly increase the risk of spreading bloodborne diseases such as HIV/AIDS or Hepatitis B or C.
Infections – These infections can occur as a result of airborne pathogens or exposure to mucus and bodily waste.
Broken bones – Fractures most commonly result from workplace violence.
Head injuries – These may occur due to slip‐and‐falls or as a result of violence.
Of course, healthcare workers can also experience many other injuries as well because they may spend their days dealing with dangerous patients and hazardous workplaces.
Consequences of Not Having Workers Compensation Insurance For Medical Staffing
The consequences of not having workers compensation for your medical staff can include financial loss, out of pocket medical expense and heavy state penalties. Not having workers’ compensation insurance can leave your company paying a very hefty fine. Your business could be left paying a lawsuit or your employee’s medical bills for a lifetime. If an injured worker files a workers’ compensation claim and their employer is uninsured, that employer can obtain legal representation. Failure to carry workers’ compensation insurance is a criminal offense in some states and is punishable with a fine, jail time or both.
Benefits of Workers Compensation Insurance for Medical Staffing Employees
The benefits of workers compensation insurance include:
Medical expenses ‐ Workers’ Compensation insurance provides coverage to help your employee pay for medical expenses sustained from a work‐related injury or illness. This can include emergency room visits, necessary surgeries and prescriptions.
Wage Replacement ‐ Workers’ compensation helps replace some of your employee’s lost income if they need time off to recover from a work‐related injury or illness. Death Benefits‐ If your employee loses their life from a work‐related incident, workers’ compensation insurance can help cover their funeral costs and provide death benefits to your employee’s beneficiaries.
Cost of Workers Compensation Insurance for Medical Staffing Employees
The amount you pay for workers’ compensation is a specific rate based on every $100 of your business’s payroll. Your premium is determined by the type of work done by your employees. This is known as the classification rate. Other factors include your experience modification rate or claims history, and your payroll per $100.
Medical staff are among the heroes of their profession with the level of work they provide on a daily basis. Companies that value their employees will see workers’ compensation insurance as an investment in them, their patients, and the longevity of the business.
UnderWrite Insurance Services is a national insurance agency established to help medical staffing agencies and businesses secure A-rated workers’ compensation insurance. For a free insurance quote, submit an application below or give us a call at 201-580-6806.