Do you know the essentials about workersâ€™ compensation?
Every business has its own unique set of risks and dangers when it comes to working employees. Therefore,Â every business owner should know what workersâ€™ compensation insurance can do for the company and employees! Your business is one hundred percent responsible for providing workersâ€™ compensation benefits, so itâ€™s important to ensure it is quality coverage.
Workersâ€™ Compensation 101
Workersâ€™ compensation protects workers from workplace injuries, repetitive stress injuries, and occupational diseases.
This coverage can help your business pay for:
- Work-injured employeesâ€™ medical and recovery expenses
- Replacement wages when employees canâ€™t work because of a covered injury or illness
- Dependent support payments and funeral expenses when fatal occupation injuries occur
- Liability expenses when your business gets sued over work injuries.
Employees who are injured or disabled on the job receive a fixed monetary reward and, in exchange for the acceptance of this aid, cannot sue the business.
What Your Business Needs to Know
Workersâ€™ compensation covers most injuries that occur on the job, on a no-fault basis. This means that benefits are paid regardless of who is to blame for the accident orÂ injuryÂ unless the employeeâ€™s conduct violates company policy. In this case, coverage may be excluded.
Coverage can extend to an employee traveling for company-related business, running a work errand, or attending a business social event. With these events included in the insurance, make sure that your business has quality coverage.