Worker's Compensation and Employers Liability insurance
The rules for insurance are established by the statutes in each state therefor coverage can vary from state to state. Each state's laws govern the following:
A business owner must get this type of insurance if:
Immediate and ongoing medical care costs are covered by the workers compensation insurer for the injured employee. The cost of surgeries, physical therapy, rehabilitation, prescriptions, medical equipment and prosthetics are all included under medical care. You can imagine that costs incurred can be exorbitant. Since there is no limit cap for payment of medical care and expense, the insurer is liable to pay for all of these expenses when a catastrophic claim occurs.
If an injured employee is advised by their doctor that they are physically unable to return to work in any capacity (including “light duty work”) the employee will be reimbursed for their lost wages. The workers’ compensation carrier will pay , after a waiting period, which is typically 7 days, for a percentage of their wage loss, the percentage amount is typically 66 2/3% but this can vary by state statute.
In certain cases, the trauma of the injury or disease may be so severe that the employee is permanently disabled and will be unable to ever return to work. They will require ongoing care such replacement services for care, 24 hour nurse care, transportation and ongoing medical treatment for the rest of their lives. By buying workers’ compensation coverage, the business owner transfers the responsibility for these payments to the workers’ compensation insurance carrier. the employers liability is limited in the policy, the insurer would continue to pay for care.
If an employee tragically dies due to a workplace injury, the business owner liable to cover the funeral experiences. Your workers’ compensation insurance covers the ‘death benefits’ such as support payments to the dependents of the employee. Offering this can help you retain quality workers for your high-risk business.
If an employee injures themselves and thinks that the company is to blame, they might file a lawsuit. The costs involved in a lawsuit can be huge. If your workers’ compensation policy has Employer’s Liability Coverage, it will save the cost of attorney fees, court costs or settlements.
Following are some common instances of Workers’ Compensation Claims:
Construction employees working on a site are reaching the completion deadline. They thus work day in and day out. An employee suffers from ligament tear in the muscle. He ends up missing weeks of work and needs medical care and lost wages all of which would be Covered by the Workers’ Compensation Insurance.
Testing professional and researchers are required to be surrounded by the several harmful chemicals. In case of a chemical spill, the employee may suffer from severe burns and rashes. Employees who are exposed to harmful environments require safety masks and body suits, helmets, gloves and goggles. The employer is required to pay for the employee’s hospital visits and medical expenses. The insurance covers the amounts when the bills are produced.
A majority of the slip and fall claims at workplaces happen on wet floors and snowy walkways. When an employee falls on the wet floor and injures them self, they may sue the employer because the floors should not have been wet during work hours. The workers’ compensation insurance covers employer for the attorney fees, court cost and judgement if awarded.
Read up about the overview of workers’ compensation insurance on our website. Contact us by phone or email for more queries. We patch you up with a suitable insurance provider on our platform. We understand your needs as a business owner and provide you with a platform to browse from some of the best insurance deals.
