IN THIS BLOG
Advantages of Workers’ Compensation Insurance
DO I NEED WORKERS’ COMPENSATION INSURANCE?
HOW WORKER’S COMPENSATION INSURANCE WORKS
WORKERS’ COMPENSATION INSURANCE COVERAGE
What Workers’ Comp Insurance Doesn’t Cover?
One question many business owners ask is “do I need workers’ compensation insurance”? The answer is yes. Every state in the United States requires workers’ compensation insurance coverage except for Texas. Businesses that fail to provide workers’ compensation coverage will result in your business paying for the benefits out of pocket as well as civil or criminal penalties.
It’s critical to have workers’ compensation insurance if you’re establishing a business or expanding your current firm. Having an employee increases the potential for accidents and injuries, which raises your risk of litigation in the future. In the case of an accident, obtaining workers’ comp insurance ensures that both your employees and your company are protected. It is, after all, a wise move to cover your firm and your employees in the event of an on-the-job mishap.
Advantages of Workers’ Compensation Insurance
How Does Workers’ Compensation Insurance Work?
After a Personal Injury or Illness, Business Owners and Employees should Take the Following Steps
- Make an appointment with a doctor.
- Initiate the claim procedure.
- File the claim.
- Receive benefits.
Workers’ Compensation Insurance Coverage
If you suffer a work-related accident, workers’ compensation insurance (also known as workman’s compensation) can help you recover. The list below entails the coverage for workers’ compensation insurance.
A. MEDICAL EXPENSES
B. MISSED WAGES DURING RECOVERY
- Temporary total disability – benefits are paid during the period of time the employee is completely unable to work on a temporary basis due to the injury.
- Temporary partial disability – Covers an injured employee if they return to work but unable to earn them as much as they were earning prior to their injury.
- Permanent total disability – Covers an injured worker who permanently and totally lost their ability to work and earn after an injury.
- Permanent partial disability – Provides benefits to an employee that has permanent impairment because of work injury which makes him/her unable to perform at his/her full capacity.
C. VOCATIONAL REHABILITATION BENEFITS
D. DEATH BENEFITS
What Workers’ Comp Insurance Doesn’t Cover?
- Injuries on the job
- Stress-related injuries if the job was a main contributing factor
- Occupational illnesses from workplace hazards like chemicals
- Business travel including deliveries, sales calls or meetings
- Business events like company parties or outings
- Covered natural disasters or terrorism while employees are working
- Death benefits for dependent family members for a percentage of the employee’s wages and some funeral benefits