Workers’ compensation insurance is to protect you and to compensate your employees if a job-related incident leaves them injured, impaired, or sick. This is one of the most important insurance policies that a business should have, especially if the nature of work is labor-intensive, risky, or accident-prone.
Workers’ compensation is important as it gives confidence to employees that they’ll receive financial protection and medical support in case they are injured at work. For employers, the workers’ compensation significantly reduces the financial burden and risk of being sued by their employees. It also protects them from major losses when they compensate the injured worker.
Any accident when an employee is injured should be reported immediately. Medical treatment should be sought right away. After this, the employee’s medical provider will send a report to the employer’s insurance company.
As much as Workers Compensation Insurance is important, it is necessary to have the right policy for your business. Most states have made it mandatory for businesses with 1 or more employees to get workers’ compensation insurance.
If your employees get a work-related injury/illness, workers’ compensation insurance provides your employees with several benefits. This insurance is required in most states, and it is the employer’s responsibility to buy and provide the same to their employees.
Workers’ compensation insurance helps employees by covering for:
- Disability benefits
- Medical treatments
- Vocational rehabilitation
- Death and funeral services
Types of Workers' Compensation
Insurance companies typically don’t offer different types of workers’ compensation policies. The workers’ compensation plan or state fund workers’ compensation plan that one can get from an insurance company is usually standard in the industry.
Medical Treatment under workers' compensation
If an employee gets an injury or falls sick due to the nature of their work, he/she can file a workers’ compensation claim to receive financial help to pay for their medical treatment. This includes payment for their:
- Doctor’s appointments
- Hospital visits
- Emergency room visits
- Medications
- Therapy and rehabilitation
- Recovery equipment
For a more severe injury/illness where your employee may need ongoing care, costs are generally covered by workers’ compensation insurance. However it may not cover some alternative treatments like acupuncture, naturopathic treatment, and homeopathic treatment.
Do employees get paid while on workers' compensation?
Workers' comp insurance usually pays 66% of lost wages while injured, what is important here is that your medical bills are going to be covered, and that is a huge cost. Every state in the US has different laws on workers' compensation
Connect with EZ Online Service to know what is best for you in your state
General Liability vs. Workers’ Compensation Insurance
General liability insurance is quite different from workers’ compensation insurance in the sense that General liability protects you from claims that your business caused bodily injury or property damage. For example, if a customer slips and falls at your business, general liability can help pay for their medical care. Workers' compensation is specifically for the employees of your company.
Let EZ Online Service help you choose a policy that will fit your individual needs. Protecting your assets, whether personal, business, or both, is our goal. A well-chosen policy can lessen the impact of some of life’s most common, yet unforeseen perils.
