Not only is the insurance coverage offered to take care of medical costs, but the lost wages are also paid through this insurance, making it useful in two ways for employees who are injured on the job.
There are many variations in this type of insurance protection from one plan to the next, but basically, this is what is covered by almost every plan:
– Wage replacement
– Medical cost reimbursement
– Economic loss coverage
– Damages for pain and suffering (possibly)
– Settlements to family members of those who are fatally injured on the job
Workers compensation insurance is generally known to be a part of union companies but it can also be offered by companies that aren’t part of a union. Any company who appreciates its employees and wants to protect them and their business should have workers compensation insurance that they offer to anyone who works in their workplace. There is no limit to the peace of mind that you will give people by offering worker’s compensation insurance. Of course, there is a lot of abuse of the system in some cases, which is why there are such stiff guidelines and regulations in place. These fines and penalties are set forth to protect the company as well as the employee in the event of a misuse of the insurance product.
Too many people think that insurance protection like this is optional. They feel like they do not have to offer it to employees, but the reality of the situation is that anyone without workers compensation protection is putting their company at risk for big trouble. With so many different things to think about, it can be helpful to have a professional independent insurance agent on your side to discuss the matters of workers compensation insurance in detail so that you are prepared for anything that might arise. When it comes to a subject as important as insurance, you can never be too careful in making sure that you get all the information that you need. Your business can’t really live without workers compensation protection. One bad accident and you’ll be buried in lawsuits and facing bankruptcy in no time. If you pay for the coverage, you’ll save your business a world of trouble.
