In most states, those who have employees must carry a certain type of business insurance called worker’s compensation insurance. This type of policy protects staff in case of an on the job injury, illness, or death. Here’s what you need to know about what workers’ compensation insurance covers.
Medical Costs After an Incident
Even small incidents require some form of medical care. Workers’ compensation insurance covers most aspects of employee health treatment after a job-related accident. It might cover things such as an ambulance ride, x-rays, emergency room visits and more. Certain limitations do apply. Yet, ongoing care like rehabilitation or surgery is also usually covered.
Injured employees are often concerned as to how to pay bills after an accident. Workers’ compensation insurance provides staff with a portion of their wages while they recover from a qualified injury. This reduces the worry on the employee. It can help their family survive financially. It allows them to concentrate on getting better.
Coverage can also protect the company from potential legal ramifications. It also reduces the burden on you as an employer to pay for both the hurt worker’s wages and that of their temporary replacement at work.
Funeral Expenses and Death Benefits
After a tragic accident, it is important for an employer to help with funds for funeral expenses. In fact, in some states it is even legally required. Your policy offers coverage for handling these costs while still allowing the family, co-workers, and friends an opportunity to grieve. Workers’ compensation insurance also commonly provides some death benefits to dependents. It can help surviving loved ones through their loss financially.
Legal Costs During a Lawsuit
After an accident, it is possible for an injured employee to file a lawsuit against an employer. Should this occur, workers’ compensation insurance helps pay for your attorney fees, court costs, and other associated bills while settling the matter in court. These fees can be astronomical. Workers’ compensation insurance allows you to continue operations without taking a huge financial loss in the process.
Workers’ compensation insurance rules and coverages vary from state to state. To make sure your policy covers the above situations, it is important to speak directly to a licensed agent.
Find out more about workers’ compensation insurance today. Contact our business insurance experts by scheduling a no-obligation policy review appointment.