Workers’ Compensation has several benefits for employers and employees. We will be explaining them in detail in this blog. Read more about it below.
Workers’ Compensation Insurance is quintessential as it financially protects the employer and the employee. Therefore, we recommend you include it in your business insurance.
In the previous blog, we talked about its definition and how to buy it. In this blog, we will share the Workers’ Compensation Insurance benefits and various expenses it covers.
No matter what kind of business you own, your employees are prone to get hurt on the job. Thankfully there’s a type of insurance that can cover you and your employees if they suffer a work-related injury or illness. This insurance will cover your employees for the following:
- Medical Expenses
- Missed Wages
- Vocational Rehabilitation
- Death Benefits
Medical Expenses –
In businesses like gas stations, grocery stores, restaurants, shopping centers, or hotels, employees are exposed to physical risks. Accidents like slipping down the stairs, getting burned, or tripping over, are common while performing temporary partial disablement
Sometimes, these accidents might get severe and require immediate hospitalization. Work Comp Insurance pays for the medical expenses till your employee gets better.
These medical expenses may cover ambulance costs, hospitalization, and post-hospitalization care too.
Missed Wages –
It is evident if a work-related injury or illness lasts longer, there is a loss of wages. For example, if your employee suffers temporary partial disablement, recovery can take up to 7-8 weeks. For such cases, workers’ compensation insurance plays an important role.
It helps the employer financially support the employee when he/she is recovering from the injury/illness.
Furthermore, if a staff member has suffered a permanent injury resulting in temporary total disability, this insurance compensates for the same.
Vocational Rehabilitation –
Industrial jobs involve a bigger risk of an occupational hazard causing chronic damage. Constant exposure to harmful chemicals, loud noise, vibrations, or dangerous viruses can cause serious injury.
Hence, even employees at gas stations, restaurants, labs are exposed to occupational hazards.
These hazards can lead to long-lasting damage that requires ongoing care and treatment. Workers’ compensation insurance ensures that these treatments are paid for until the employee gets back to work.
Death Benefits –
Workers’ Compensation Insurance pays for medical bills if your employee is injured or suffers an illness on the job.
If the employee passes away due to the injury/illness, the insurance policy also pays for funeral and burial expenses. Furthermore, it also provides financial support to the deceased family.
However, for death benefits to apply in most states, the employee must have passed away from a work-related injury/illness.
To summarize, the types of workers’ compensation benefits make it a crucial part of any business insurance. An employer’s negligence in this matter can lead to significant losses to the organization and the employees. Besides, it is also a law in most of the states to have workers’ compensation insurance. Hence, no matter what the work comp insurance cost is, you must include it for its extensive employee benefits.
If you are a business owner and wish to buy/renew your insurance, get in touch with us for the best advice. You can call us on 855-5EXCEED or visit us at exceedinsurance.com.