When the Ohio Bureau of Workers’ Compensation (BWC) was established in 1912 as the exclusive prover for workers’ compensation insurance in Ohio, it was viewed as a bold move by the state to improve workers’ lives and thus the economy.
Workers’ compensation continues to play an essential role in the state’s economic growth. Below are five ways that workers’ compensation benefits the economy.
1. Employees Can Avoid Debt After an Injury
After a worker suffers an injury, they face various economic problems, including mounting medical bills from the treatment of their injuries and other expenses such as child care.
They’re also up against the pressure of being unable to earn a living while recovering. Workers’ compensation helps to relieve these burdens by covering medical treatment and lost wages while employees are immobile.
2. Employees Can Get Back to Work Sooner
According to the CDC, illness and injuries resulting in absenteeism and lost productivity cost the country $225.8 billion annually.
With workers’ compensation, the economic impact of work-related injuries is reduced for both the country and employees. Workers’ compensation is designed to provide workers with the financial cushion they need as quickly as possible.
Therefore, employees can access the treatment they need immediately, allowing them to heal faster and return to work sooner.
3. Workers’ Comp Improves Workplace Safety
Employers are required to maintain reasonably safe work environments for their employees. The BWC has made significant strides to ensure this through the Workers’ compensation program.
The agency not only takes action against employers reported to have unsafe work environments but also provides incentives for them to maintain a safe workplace, resulting in fewer injuries.
4. Workers’ Comp Prevents Employees from Addiction
The workers’ compensation program ensures that workers can receive the treatment they need. This includes medication and rehabilitative care.
Workers recover faster and can reduce their dependence on pain medications such as opioids, decreasing addiction’s economic impact on recovering employees and their families.
5. Workers’ Comp Creates a More Competitive Workforce
Injuries can often be so severe that employees cannot return to the same line of work. Workers’ comp creates a safer workplace, reducing the risk of life-long injuries. Employees can take the time to develop their skills and become more significant assets to their company—encouraging a more competitive workforce.
Get Help Recovering with an Ohio Workers’ Comp Attorney
Workers’ compensation offers excellent protection for employees and contributes to the economy.
If you have been injured at work, you may be eligible to receive workers’ compensation benefits. Contact the experienced attorneys at Kademenos, Wisehart, Hines, Dolyk & Wright Co. LPA for a free consultation. Our attorneys are certified specialists in workers’ compensation. We’ll provide you with invaluable insight into your claim.