The objective of Workers” Comp is to cover the costs incurred due to a worker’s job-related injury or illness. Thus, work injury compensation insurance can include immediate expenses such as a ride in an ambulance as well as long-term expenses like lost wages or physical therapy. In fact, it can also take care of your legal expenses when a worker decides to sue you. Here are some of the benefits offered by Workers’ Comp.
At times a work-related illness or injury can be so severe that the worker needs to have ongoing treatments such as care from specialists, rehabilitation costs, and surgery and so on. Although that worker may not join work again, your company should be responsible for the expenses towards their care. However, you need not worry as there are several Workers’ Comp insurance policies that cover these expenses.
Medical expenses for treatment of immediate illnesses and injuries
Your business should take all possible steps to prevent illnesses and injuries in the workplace. However, still one just cannot prevent the occurrences of accidents altogether. For instance, a newly recruited employee slips all of a sudden and fractures his arm. Of an employee sustains injuries while on a job and requires medical attention, his employer usually is or can be responsible for meeting the expenses. So, what will Workman’s Comp cover? The policy may pay for medical bills, ambulance rides and visits to an emergency room in this particular instances.
What will happen when one of your workers met an accident and is disabled for a while? A majority of the laws will need you to pay a part of his missed wages as he recovers. Now this means not only paying to the disabled worker for weeks but also searching, paying and training a temporary worker taken as a replacement. In a nutshell, this lost work can actually become a big expense for you as an employer. The good news for you is that Workers’ Comp is able to pay these missed wages and decrease your financial load. The policy may give you an option to pay a fixed lump sum amount or a percentage of the missed wages of the concerned worker. You can get in touch with your insurance broker to recommend what will suit you better.
Death benefits and funeral costs
In case a work-related tragedy culminates in the death of an employee, the insurance policy can provide funds to meet the funeral expenses. There are some insurance policies that also cover death benefits like providing support payments to the dependents of the deceased employee.