Face it, a business without workers is a king without pawns
Invest in your business by investing in your employees.
Making an investment in your people makes them feel valued, and therefore chances are they would also happily work not just to make money from you but to actually help grow your company.
It also encourages their loyalty to you and your business. As your business grows, it is important to continue to help your employees grow their own careers along with the business by providing insurance, education and mentorship.
Does every employee qualify for insurance?
Despite here in Canada there is some business that are exempt from getting employee’s insurance, most industry companies with employees are required by law to have an account under the Workers Compensation Board. This ensures workers receive monetary compensations when they stop working in cases they get injured at the job. This includes payment of medical expenses as well as for income losses. The worker compensation insurance under this is directly paid by employers/business
owners which are required to take care of the safety of their employees.
What kind of insurance can an employer get for his employees?
There are various insurances an employer can get for his employees. Among these are life insurance, private healthcare insurance, and disability insurance. Here in Canada, individuals already have access to health care system paid by our taxes meaning that employers are not legally required to provide extra premium health coverages, but some big companies do decide to provide it for its employees. This again is an incentive that keeps employees happy with the job.
Disability insurance becomes applicable in case one employee becomes injured or disabled due to an unforeseeable accident while carrying his or her job duties. Some employers might also provide Life insurance coverage to employees which would
secure monetary support to their families in case of death. So even though life insurance is optional many employers might want to provide it to attract better working candidates to their business. An employee is an asset to a company thus must be
Can independent contractors get insurance?
Yes, an independent contractor can get insurance and it should be one of the first things they want to get before they start laboring. These independent contractors can get insurance coverage in two ways. They include:
-An independent contractor can get a personal insurance cover for his/her safety.
An independent contractor can decide to take his own insurance. An Insurance such as Contractors Insurance would be of great benefit for contractors specially for those who work on risky jobs such as construction and roofing. Many clients that contract independent contractors expect them to possess some kind of insurance that would allow them to cover for any damages they make to property while working or even to cover for them if they get badly injured while carrying out the job. The certificate proof of insurance is something you as an independent contractor would want to present to the contracting client. This would be able to prove the contracting person that all risks are covered under insurance and therefore they have less problems to worry about.
-A client can also get insurance for an independent contractor.
Although most of the times this is cost-ineffective for the client, they may decide to take insurance cover for the independent contractor during the period of the specific project. The insurance is applicable only if an accident took place in the workplace and the independent contractor was working under instructions given by the employer. Also, the accident must have happened during working hours.
Why is it crucial for a business owner to take insurance for his/her business and employees?
There are various reasons why a business owner should take insurance for his/her business and employees. They include:
1. It is a legal requirement. Despite there being exemptions, in most cases the law states that business owners must take insurance for their business and employees.
2. Insurance helps companies to keep going. Insurance covers for accidents and other unforeseen damages that might occur, thereby protecting the company from losses or unplanned closure. The insurance ensures a business won’t stop working due to
3. Insurance keeps everyone safe and happy. Insurance caters for compensation for any damage made to the company or the employees, thereafter employees can work happily being sure that any incident at work would be taken care of.
Would employees work more efficiently knowing that their company insures/protects them?
Apart from the regular remuneration that employees get, being insured by the company
also boosts their work efficiency and productivity. An employee works with no fear
when on the work premises. He/she can even stretch and work overtime. Insurance to
workers means to care. Employees feel regarded as part of the company and thus
work hard to ensure they achieve their personal goals and for the company.
What are some other benefits of investing in employees?
Some of the benefits of investing in employees are:
- It ensures job satisfaction and safety. Investing in employees ensures satisfaction and safety in their day-to-day work in the company, thereby boosting their productivity.
- It boosts employees’ morale. Employees are always in the right mood when working.
- Improves on employees’ engagement. Employees tend to work as a team with no fear while working, and they are more motivated to volunteer in different and hazardous tasks.
Why is taking insurance for employees the same as investing in your employees?
In conclusion, taking insurance cover for employees and investing in employees is the same thing. By taking insurance cover for employees, you have your employees safeguarded against bad outcomes such as illness, which can be a great blow to the company. By this, employees being insured by the company, they are motivated to work efficiently, thereby attaining high productivity. The results of insuring employees contribute to the good results of the company in any financial year.