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Workers compensation insurance can be an extremely confusing topic, especially if you’re new to business and don’t know the first thing about insurance or workers compensation laws.
By the end of this article, you should have all the information you need to make a fully informed decision about your workers compensation insurance needs.
Introducing: Workers’ Compensation
A workers’ compensation insurance policy is a type of insurance that provides employees or their dependents with benefits in the event they are injured or become ill while on the job.
Workers’ compensation policies cover lost wages and medical expenses incurred as a result of workplace accidents.
What Is Worker’s Compensation?
What is workers compensation? Workers compensation is a type of insurance that provides benefits to employees who are injured on the job or who have an illness caused by their job.
Employers pay premiums for this type of insurance to provide protection for their employees should they be injured, disabled, or suffer from certain illnesses because of their employment. In many states, workers compensation is mandated by law and employers must purchase coverage.
Why Do I Need Worker's Comp Insurance?
Businesses are responsible for providing compensation to employees who have been injured on the job. Worker's comp insurance is a form of coverage that provides financial protection and benefits for both the employer and the employee.
Worker's comp insurance is required by law in most states, but some are more strict than others with their regulations.
How Does the System Work?
In order to understand how the workers compensation system works, it's important to know what it is and who is covered by it. Workers compensation insurance provides for medical care, temporary total disability benefits,
permanent partial disability benefits, vocational rehabilitation services and death benefits for eligible employees who are injured on the job and are unable to work due to the injury.
What is Covered by Worker’s Compensation?
Worker's compensation covers medical expenses and lost wages due to an injury or illness that occurred during the course of employment. Typically, worker's comp is not responsible for these costs if the injury or illness was caused by something unrelated to the job.
There are a few exceptions to this, such as if the employee was injured while off-duty and their employer provides group health insurance for them.
What Does a Typical Policy Include?
It is important to know what type of coverage you are getting when purchasing workers compensation insurance. Typically, a policy will cover compensation for an employee who has been injured on the job, even if they were negligent or at fault in some way.
This Includes Both Medical Expenses And Lost Wages. Some policies will also cover the cost of training someone to take over the injured person's position, as well as other benefits like vocational rehabilitation and legal defense.
Are There Limits on My Coverage?
There is no limit on the amount of workers compensation coverage you can purchase. If you have employees,
Where Can I Find More Information About Worker's Comp?
There are a lot of risks involved in running a business and one of the most difficult to manage is employee injuries.
If your company has been in operation for any length of time, you have likely faced this challenge at some point. In fact, according to the Bureau of Labor Statistics, there were 3.8 million workplace injuries in 2013 alone. That's not just terrifying - it's expensive too!