Workers Compensation

All employers should prioritize the health, safety and wellness of their workers. Businesses across all industries, including the cannabis sector, require a workforce of healthy, productive employees. That’s why workplace injuries and illnesses must be taken seriously as potential sources of losses and damages. Fortunately, workers’ compensation insurance can provide recovery resources for your employees and financial relief for your business. 

Why Is Workers’ Compensation Insurance Important? 
Employers in Rhode Island with one or more employees are legally required to carry workers’ compensation insurance. However, there may be exceptions, such as for sole proprietors, partners and independent contractors. But even those not mandated by law to carry this type of coverage should strongly consider doing so. In addition to providing your workers with peace of mind as they go about their duties, an adequate workers’ compensation policy can also provide critical financial assistance in the aftermath of an incident. Without sufficient insurance, your employees may not have access to the services they need to recover from injury or illness, and your business may have to pay for devastating damages out of pocket. 

What Is Included in Workers’ Compensation Coverage? 
There’s no shortage of potential hazards in the cannabis industry. Many of the same risks and exposures affecting the agriculture, shipping, manufacturing and retail industries apply to businesses operating in the cannabis supply chain. Given the many hazards your workers may be exposed to daily, injuries and illnesses may be inevitable. Fortunately, most workers’ compensation policies can provide financial assistance for the following: 

• Medical treatment—If an employee is injured on the job or develops a work-related illness, this coverage can help pay for their health care costs.
• Lost wages—If an employee’s ability to perform their usual duties is hindered due to a workplace illness or injury, your insurance may be able to reimburse them for any lost or reduced earnings.
• Disability benefits—If an employee develops a disability following a workplace illness or injury, workers’ compensation may help pay for their disability benefits.
• Death benefits—If a workplace incident leads to an employee’s death, this coverage can provide financial assistance for funeral expenses and may compensate the deceased’s family for lost income. 
• Legal costs—If an employee injured on the job or developed a work-related illness sues your business, your insurance can help pay for your legal representation, court fees, settlements and judgments. 

Get the Right Coverage 
Regardless of size or sector, workers’ compensation insurance is a critical component of any business’s insurance portfolio, including those involved in cannabis production, transportation and distribution. This coverage protects employees and employers from devastating health-related and financial ramifications following an incident. Without an adequate policy, your workers could suffer life-altering consequences, and your company may face out-of-pocket costs that could derail its finances and devastate its future. 

We’re here to help. With over 40 years of experience helping individuals, families and employers in Providence and throughout Rhode Island, the agents at Podmaska Insurance Agency are well-equipped to help your business assess and address its insurance needs. Contact us today to get started. 

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