Worker’s Compensation Insurance
Coverage that protects your employees…and your company
Injured employees need help, regardless of who’s at fault. Worker’s Compensation does just that. Since Worker’s Compensation is a type of insurance, it precludes employees from suing his or her employer for the injuries covered.
Worker’s Compensation is unlike most other policies in that the state governs the policy. That means it is compulsory for businesses to carry Worker’s Compensation coverage. Another major difference is that this policy primarily benefits your employees.
HOWEVER: generally speaking, if something is good for your employees, it’s good for your company.
Here’s how it protects both your employees and your business:
Provides Medical Care Benefits
If an employee’s injury or illness is work related, your Worker’s Compensation policy will cover the medical costs that could include:
- Hospital Stays
- Visits to the Doctor
- Treatment & Medication
- Medical Equipment (e.g., a wheelchair or crutches).
Replaces Wages / Provides Disability Benefits
If an employee is unable to work due to an injury, they may receive wage replacement benefits if they can be classified as:
- Temporary total disability: when an injury prevents an employee from working at all, but only for a particular amount of time.
- Temporary partial disability: prevents an employee can’t do some of their work duties for a brief period of time.
- Permanent total disability: An employee can no longer work at their current job or a similar job
- Permanent partial disability: An employee suffers permanent damage that only partially impedes their ability to work.
Offers Vocational Rehabilitation Benefits
This pays for therapeutic care such as physical therapy so an employee fully recovers from an occupational injury or illness. It also covers any special training necessary to help them return to work OR to become qualified for a different job.
Pays Death Benefits
If an occupational injury or illness results in death, the employee’s family or surviving dependents are eligible to receive certain benefits, which include:
- Funeral & Burial Expenses
- Financial Support (i.e., a percentage of the deceased worker’s earnings).
EMPLOYER’S LIABILITY INSURANCE
The part of Worker’s Comp that works for you
This ‘bonus’ part of Worker’s Compensation insurance is included at no extra charge. This coverage provides protection in the event an employee waives their Worker’s Compensation benefits in order to sue your business for damages. When this occurs, Employer’s Liability Insurance helps cover your company’s costs for litigation, which can include:
- Attorney fees
- Damages/Judgments (if found liable)
- Additional Court Costs (fees, witness expenses, etc.)