Great businesses thrive due to the hard work and success of their employees. Employees serve a valuable purpose. Sometimes, issues arise in the workplace. That’s why workers compensation is so important to businesses. Here’s a look at why workers compensation is an essential policy.
Workers’ compensation is a unique insurance plan that offers financial benefits to workers who are injured at their place of work. The insurance covers employees’ medical treatment and potential disabilities. When employees accept workers’ compensation, they give up their right to pursue legal action against their employer for negligence. The agreement protects both businesses and their employees. The injured employees avoid a potential lawsuit that could ruin their business.
It’s a beneficial agreement for both parties, as they can avoid potential legal fees. Employees can only receive workers’ compensation benefits if they can prove that their injuries occurred as a direct result of performing their job. In some cases, employees can receive sick pay while taking a medical leave. If an employee dies due to a workplace accident, workers’ compensation provides compensation to their family.
- Types Of Benefits
If you are injured on the job, you can file a claim to help pay for your medical treatment. This includes doctor’s appointments, medications, and rehabilitation. Consult with your employer to see if alternative forms of treatments are covered, such as acupuncture, naturopathy medicines, etc. Be aware that you are covered if multiple issues develop due to your workplace injury.
You can receive disability benefits depending on the type of injury you have. Temporary benefits cover you until you can work at your regular capacity. Temporary partial disability covers you if you are still able to work in a limited role. Permanent partial disability covers you if you are unable to handle the same workload before you were injured. Permanent total disability covers you if you sustain an injury that is serious enough that you are unable to work. If you are off on disability, workers’ compensation can help you recoup some of your lost income. If you are unable to work, you should qualify for disability payments for the rest of your life.
If you pass away due to a work related issue, workers’ compensation provides benefits to your loved ones and beneficiaries. These benefits can help support your loved ones and help finalize funeral costs. Be aware that most plans include a limit for death expenses. Consult with your insurer to ensure that they won’t deny your expenses.
Workers’ compensation can help financially cover the cost of your employee’s ongoing vocational rehabilitation or physical therapy to enable them to learn new skills. This helps them return to work in a different role. Workers’ compensation can even cover the cost of any new training or certifications. To help your employee find other roles so that they can learn new skills and work with their disability, your disabled employee may also get a Transferable Skills Analysis.
How Workers Compensation Compares To General Liability
General liability coverage is different from workers’ compensation. General liability coverage would protect businesses if they caused an injury or property damage. The two policies are similar in regards to bodily injuries. Businesses that don’t have either policy expose themselves to potential lawsuits. The key difference between the two policies is that workers’ compensation provides coverage to employees injured on the job. In contrast, general liability coverage is designed to protect businesses against third-party claims.
Workers’ compensation is beneficial because it protects both businesses and employees. Having a strong workers comp policy can help businesses attract the best talent. If you have any questions about your policy, contact our insurance experts at Advanced Insurance Group, and we will assist you.