Workers Comp Insurance
Workers Compensation Insurance is a critical policy for businesses. A company with proper workers comp insurance will protect its employees from financial, medical, or emotional ruin. Protecting your companies from potential lawsuits is the goal of workers comp insurance. This no-fault insurance will ensure that employees recieve prompt care while employers are shielded from costly legal fees.
Tower Insurance Brokers can help you understand your employers workers compensation policy or find a third part provider that offers more coverage. Below is a breakdown of what is covered under workers comp insurance and how individuals can optimize policies to their benefit.
Medical Expenses
Proper insurance will cover medical expenses, doctor visits, and hospital stays. It can also cover medication, rehabilitation, and any other compensation you need while healing from an injury. Receiving these payments will help make up for the money you are able to make from a paycheck while you are injured. This saves you from high out-of-pocket costs when the workplace is the cause of your injury.
Lost Wages
Some policies will provide wage replacement while you are unable to work. Due to a job-related injury, you may not be able to complete your tasks without further injuring or prolonging healing. Certain injuries may require surgery, which requires a long recovery period. Having a paycheck while you are down can help keep you and your family afloat.
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Disability Benefits
Workers compensation insurance also offers temporary and permanent disability coverage. These are split into a few categories including:
- Temporary Total Disability: You can not work at all, but only for a limited time.
- Temporary Partial Disability: You may be able to work at a reduced capacity
- Permanent Total Disability: You can not return to work permanently
- Permanent Partial Disability: Can work, but with lasting effects or limitations.
Vocational Rehabilitation
This part of the insurance policy will help you return to the workforce if you are not able to return to your previous job. If you were injured doing construction work or cleaning, you may have to find a more sedentary job. Vocational rehabilitation will provide you with job training, education, and other assistance to help you find a worthwhile occupation. Finding a new job while also working to heal your body can be stressful, so workers comp insurance will help make the transition easier.
Bill Review
Depending on the company, your insurance may help comb over your bills to see if we can negotiate your costs. Having workers comp insurance also takes the stress of payments off of your shoulders. The insurance will ensure the bills are paid on time and no penny is missed.
Death Benefits
When an employee dies on the job or as a result of a workplace injury, the family will be compensated thanks to the insurance. Coverage for funeral expenses and a portion of the deceased wages will be provided to the spouse, parents, or descendants.
Why Businesses Need Worker's Compensation Insurance
Every company should have workers’ compensation insurance to help retain employees and protect the business from expensive lawsuits. When someone is hurt on your property or doing your work, they deserve to be compensated. When an employee is injured on the job, they or their families could sue the company for more financial compensation. If a business foregoes purchasing workers’ compensation insurance, they will be paying the legal fees and settlement costs out of pocket. While large businesses may not see this as a liability, smaller businesses may go bankrupt after a legal battle.
Limitations
While workers comp offers pretty extensive coverage, there are some limitations to be aware of. For example, if you purposefully injury yourself and your insurance believes that the injury wasn’t an accident, your medical expenses will not be covered. This prevents people from commiting insurance faud or performing a cash grab.
Injuries that happen outside the scope of your job or job description will also not be covered by your insurance. Anything that occurs off of the job site or when you were completing a job without sufficient protection, workers compensation may not apply.
Finally, some industries won’t provide workers compensation insurance. Farmers, domestic workers, and casual workers often don’t qualify for the benefits of workers comp. Getting additional insurance will protect these type of workers if they have accidents or other emergencies.
Tower Insurance Brokers can help you find a coverage option that works best for you. If your company doesn’t offer workers compensation insurance, we can find another local insurance company that could cover medical expenses.