Are you a business owner who has employees? Do you want to provide them with employer coverage to keep them safe on-site? If so, then what you need is workers comp insurance.
Not only will it help keep your employees safe and secure, but it will also help you as the hiring business owner. Workers comp covers payment for any injuries your employees receive on the job.
Before you go ahead and sign up for insurance workers comp, you must understand what it covers. Here is a quick rundown of what it covers and doesn’t.
Ongoing Care Costs
Workers compensation insurance can cover various costs related to an employee’s injury or illness. This includes expenses associated with medical care, rehabilitation, and lost wages. For ongoing care costs, the insurance may cover future medical tests, visits to the doctor, physical therapy, and more.
Additionally, the insurance can compensate for lost wages if the employee can no longer perform their job due to an injury or illness. This can help employees and their families cope with the financial burden of medical care and other expenses associated with an injury or disease.
Funeral Expenses
These insurance policies are required by law in almost all US states. They are designed to protect employers and employees from losses incurred due to workplace injuries and illness.
This coverage typically includes a contribution to the cost of the funeral facility and funeral goods. It is important to note that the amount and scope of funeral coverage may vary based on individual state laws.
Repetitive Injury
This type of coverage is essential because it helps protect employers from lawsuits. This allows workers to receive medical attention and financial compensation. Repetitive injuries are those that have been caused by repeating the same motion.
This could include carpal tunnel syndrome, tendonitis, and hernias. Employers are responsible for recognizing the signs of repetitive injuries and providing proper protection.
Workers compensation insurance can cover medical costs for diagnosis and treatment. In addition, some policies may provide additional benefits.
Disability
This insurance covers medical treatments associated with the injury or illness, including:
- doctor visits
- tests
- surgeries
- and hospitalizations
It also covers lost wages due to the employee’s inability to work and any disability resulting from the injury or illness. This could include permanent partial or permanent total disability.
These financial benefits are issued until the employee reaches maximum medical improvement. The employee can also return to work with modified duties. To know more about the workers comp coverage, check out this guide to peo insurance here.
Missed Wages
It also provides vital financial support when employees are unable to work. In the event of an injury, workers compensation insurance provides benefits to cover medical and related expenses. In most cases, employees who are out of work temporarily will receive two-thirds of their average weekly pay.
Some states may provide additional benefits and supplements on a case-by-case basis. Employers should familiarize themselves with workers compensation coverage laws in their state. This ensures that they comply with the requirements.
Fully Utilizing the Insurance Workers Comp
Insurance workers comp is a critical component in managing business risk. It covers a variety of situations, including medical expenses, lost wages, and other benefits.
As an employer, you can’t afford to have a workers comp insurance partner with an insurance broker today to adequately protect you and your employees.
