Workers Compensation Insurance

Many states require businesses to have workers' compensation insurance. But even if your area doesn't demand it, it's still a smart idea to have coverage. Workers' compensation insurance can help protect your business if an employee is injured on the job. An insurance professional can work with you to find the best coverage for your business.

What is Workers Compensation Insurance Coverage?

Workers' compensation insurance is a policy that provides benefits to employees who are injured or become ill as a result of their job. Benefits can include medical expenses, income replacement, and death benefits.

Who Needs Workers' Compensation Insurance?

In most states, businesses are required to have workers' comp insurance. However, there are a few states that do not need coverage. Even if your state doesn't require it, it's still a good idea to have workers' comp insurance.

What Are the Three Types of Workers Compensation Insurance?

There are three types of workers' compensation insurance: statutory, voluntary, and self-insurance.

  1. Statutory workers' compensation insurance is coverage that is required by law. Most businesses in the United States are required to have this type of coverage.
  2. Voluntary workers' compensation insurance is not required by law but is offered by some employers.
  3. Self-insurance is coverage purchased by the business owner instead of getting it through an insurance company. This type of coverage is not common, but it is available.

Who Pays for Workers' Compensation Benefits?

The injured employee usually receives benefits from workers' compensation insurance. The employer most often pays for the policies.

Do Employees Pay Deductibles for Workers Comp Insurance?

Employees don't pay deductibles for workers' compensation insurance. The employer pays the premiums for the policy, and the employees are covered under the policy. However, with self-insurance, such as self-employment, the business owner pays the premiums and is protected.

What Are the Benefits of Workers' Compensation Insurance?

Workers' comp insurance provides several benefits to employees injured on the job. These benefits can include:

  1. Medical expenses - An insurance policy will help cover the cost of medical treatment for an employee injured at work. This coverage can include doctor visits, hospital stays, and prescription drugs.
  2. Income replacement - If an employee is unable to work because of an injury, workers' compensation insurance can help replace some of their lost income.
  3. Death benefits - If an employee dies as a result of an on-the-job injury, workers' compensation insurance can provide death benefits to the employee's family.

Do All Injuries at Work Get Coverage?

Most on-the-job accidents go through a workers' compensation claim, which is a process where the insurance company and the employer work together to provide benefits to the employee. However, some injuries might not be covered. For example, injuries happen while the employee is on their lunch break or injured outside of work.

Can an Employee Sue the Employer If They Are Injured at Work?

Employees cannot sue their employers if they have coverage if they are injured on the job. Workers' compensation insurance is the only way to get benefits for an injury that happens at work in states that require a policy.

Can an Employee Get Workers' Compensation if Injured on the Way to Work?

In some states, an employee is covered if they are injured on the way to work. The insurance company will need to date when the accident happened and where it happened. However, not all accidents that happen on the way to work are covered.

Can an Employee Sue the Insurance Company If They Are Denied Benefits?

If an employee is denied benefits, they might be able to sue the insurance company. However, this can be a difficult process, and it's important to have an attorney who specializes in workers' compensation law.

Why Use an Insurance Agent?

An insurance agent can help you find the best workers' compensation insurance policy for your business. They can also help you with other types of insurance, such as property insurance and liability insurance. An agent can also help you file a workers' compensation claim if an employee is injured on the job.

Find Out More About Insurance Coverage for Your Employees

Workers' compensation insurance is an important policy for businesses to have. It provides benefits to employees who are injured on the job. SMD Insurance can help businesses find the best workers' compensation policy for their needs. Contact us today to get started!