Workers Compensation Questionnaire
What is workers compensation insurance?
Workers compensation insurance helps employers by paying out medical expenses to workers who sustain work-related injuries — regardless of who was at fault. It provides death benefits to surviving spouses and dependents, such as funeral costs. In turn, worker’s compensation eliminates the need for litigation and creates an easier process for an injured employee.
Additionally, work-place accidents don’t always happen on site; they can also take place in vehicles.
Workers compensation helps control the financial risks for employers since many states limit the amount an injured employee can recover from an employer.
Workers compensation insurance must be bought as a separate policy. Although in-home business and business owner policies (BOPs) are sold as package policies, they don’t include coverage for workers’ injuries.
Some applications of workers compensation:
- cover the cost of medical expense, including rehabilitation services, for employees who experience an injury on the job
- help employees recover lost wages resulting from a work-place injury
- can protect employers from lawsuits occurring resulting from an on-the-job injury
- helps employees recoup lost wages resulting from not working due to a work-related injury or illness
How will workers compensation insurance protect my business?
At the most fundamental level, workers compensation insurance offers your business protection from possible lawsuits resulting from work-place injuries. What’s more, it helps mitigate issues that may arise if an injury does occur by creating clear pathway to a resolution. Simply put, workers compensation insurance defuses potentially volatile situations and helps maintain positive relationships in the workplace.
By covering the costs of medical treatment as well as rehabilitation, workers compensation builds a fast track for your valued employees to get the help they need and to return to work as quickly as possible — saving you time and reducing the cost of finding replacement labor in the meantime.
Does my company need worker’s compensation insurance?
Most states mandate that you have worker’s compensation. However, the level of coverage required in each state can vary. Additionally, if your business centers around physical labor or potentially unsafe environments, worker’s compensation is an indispensable tool to maintain your business’ financial security.
Even companies with one employee should consider workers compensation insurance, as a single accident can prove extremely costly. And even the safest of environments are not immune to accidental injuries.
However, it’s important to note that workers compensation is specifically for injuries sustained on the job and is not a form of health insurance.
For more information regarding workers compensation insurance, contact us today. We look forward to hearing from you.