Are you a business owner who has to buy workers compensation insurance? Here's a primer on how it works, who pays for it and how it benefits employees and employers alike.
That said, all policies are unique, so you may wish to discuss your options with your Scriber Insurance agent.
How Workers Compensation Insurance Works
If your employee cuts their finger while prepping for the dinner rush, falls down the stairwell while restocking office supplies or trips over a stray power cord, workers compensation insurance kicks in. This insurance pays for medical bills incurred as a result of their workplace mishap. It applies to injuries occurring in the course of an employee's duties.
Workers compensation insurance also covers illnesses contracted as a direct result of work-related tasks. That means that you catch a cold from a coworker, your doctor's visit goes under your medical insurance, not workers compensation insurance. However, if you develop a chronic illness due to chemicals used on the job, workers compensation insurance may cover your disability and medical expenses. The coverage can also pay the injured party partial lost wages.
How Workers Compensation Insurance Protects Your Employees And Business
Business owners don't always remember the dual benefits of workers compensation insurance. It is not only a benefit to employees, but also to the company. Some of these include:
- Supporting companies across many industries
- Encouraging workplace safety practices
- Supporting employees who need retraining following an accident
- Providing retraining for new skill sets
Injured employees have to accept a workers compensation claim prior to receiving benefits. This often saves the business from the risk of an expensive lawsuit by a disgruntled employee.
Who Qualifies For Workers Compensation Insurance?
Both employers and employees reap the benefits of workers compensation insurance. The benefits available to employees depend on state requirements. Other factors include the details surrounding the injury or illness. Benefits include death benefits to cover funeral expenses for fatal accidents, vocational training if the injury prevents the employee from returning to their original duties and support for permanently debilitating injuries. In the end, coverage is not only a medical benefit, but also income support.
Without this insurance, business owners may have to pay for the medical bills and lost wages of hurt or sick employers.
Here's an example: Your employee, Joe, falls while moving heavy equipment. An ambulance comes to transport him to the hospital. Joe finds out he has a broken arm, which leads to both medical bills and an inability to work. If you didn't have workers compensation insurance, you might have to pay for the ambulance, emergency room and other medical costs. It can also apply to Joe's lost wages for six weeks of recovery.
As you can see, workers compensation insurance is an invaluable resource. Make sure you're covered today.
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