(Newswire.net — June 21, 2022) San Antonio, Texas — Farmer Brown Insurance Announces Worker’s Compensation Insurance Tips And Benefits
Things Business Owners Should Know About Worker’s Compensation Insurance
Most states (apart from Texas) require employers to carry workers’ compensation insurance. This is what business owners and employees usually know about workers’ compensation insurance. But is it all? Find out more about this type of insurance, who it protects, how to purchase the coverage, and other necessary details below.
What is workers’ compensation insurance, and what does it cover?
Workers’ compensation insurance, also known as workman’s compensation or workers’ comp, is an essential policy that protects employers and employees if workplace injuries occur. The insurance policy provides workers with compensation benefits and covers lost wages for employees that suffer work-related injury or illness. Workers’ comp offers employers financial protection from workplace accidents by preventing them from paying medical expenses and lost wages out of pocket.
However, workers’ compensation coverage protects employees when these accidents happen, irrespective of who’s at fault. Whether the injury happened due to a worker’s negligence or not, the workers’ comp insurance allows the employee to receive basic workers’ comp benefits. The injured employee must report the injury on time to allow the employer to file a claim from the company’s insurer.
The methodology of the workers’ compensation system allows only employers with workers’ compensation insurance to file such claims. Hence, small businesses must buy workers’ compensation insurance to be eligible for filing workers’ compensation claims. Any small business can purchase workers’ comp insurance from the state or private insurer to protect the business from work-related perils.
There are about four workers comp insurance benefits a small business can have in place in case of employee injuries. These workers’ compensation insurance benefits provide different workers’ compensation coverage. They include:
Medical Benefits
Employees of any small business carrying legitimate workers comp insurance enjoy this benefit. After an insurer approves a worker’s comp claim, the policy covers the medical bills for the employee’s medical treatment. This may include doctor’s visits, surgery, physical therapy, emergency room care, lost wages due to the inability to work, and other medical costs.
Disability Benefits
Employee injuries can sometimes make them temporarily or permanently disabled. A small business with workers’ compensation insurance provides benefits for such workers. It includes covering part of their lost income until they can work. For permanent disability, the compensation benefits may be for life. However, some states have specified durations or amount limits that the benefit stops.
Rehabilitation Benefits
While this isn’t a popular coverage under the workers’ compensation insurance policy, it is also part of the benefits workers comp provides. Workers’ compensation insurance coverage ensures a permanently disabled worker that’s unable to return to the previous job gets another job that pays almost the same remuneration.
The workers’ comp policy covers the cost of new skills acquisition, tuition, job training, skills assessment, books, job placement, development, etc. You rarely find any small business providing such benefits, but every employee should know about it. The knowledge may come in handy.
Death Benefits
This workers’ compensation benefit is also referred to as the survivor benefits. If an employee dies from a work-related injury or illness, workers’ comp provides benefits to such employee’s dependent (spouse, aged parents, minor children). This may include funeral costs and other burial expenses, lost income (in installments or lump sum), etc.
It is vital to get a workers’ comp policy that can provide coverage when employees get injured or become ill while on the job. It helps protect your business and ensure the well-being of due compensation for such employees. Every employee should know that not all injuries are covered by workers’ comp. Injuries due to substance abuse or alcohol influence, as well as non-work-related injuries, are not covered by workers’ compensation insurance.
Farmer Brown Insurance
21750 Hardy Oak BlvdSan Antonio, Texas 78258
United States
(866) 587-1671
info@farmerbrown.com
https://farmerbrown.com