What is Workers
Compensation Insurance?
Workers compensation insurance is a policy that is taken by business owners to cover for the medical expenses when an employee gets hurt while on the job. The main objective of the insurance policy is to provide a comprehensive coverage for the employees to meet their medical expenses and loss of wages due to the accident.
The workers compensation insurance also provides coverage for the employers to cover for the legal costs involved when an injured staff files for a civil lawsuit. The insurance scheme can be found in many states in the US. Generally there are separate agencies constituted in many states to oversee the compensation insurance process. The Department of Labor and Industrial Relations is generally the governing body that handles these kind of insurance related process in many states.
Any injuries caused to the employees of a company is notified to this agency along with a detailed report of the incident. The agency kicks in to mediate the issues between the workers and the company and helps in settling the workers claim as per the scheme. The workers compensation scheme comes with a lot of benefits mainly for employees getting injured while on duty.
The scheme provides complete coverage for the workers to take care of all his medical treatment, his loss of salary. And if the employee is permanently disabled due to the accident, the insurance company will provide him with an adequate compensation. If the accident results in the death of an employee, the compensation is settled to the dependents or the next of kin of the employee.
Who needs Workers
Compensation Insurance?
It is always the responsibility of the employers to provide for a workplace that is safe and secure. But no one can prevent the inevitable and injuries and accidents do happen now and then even though every safety measures and precautions are enforced. Hence employers need to be prepared to handle these situations and provide for the medical costs incurred by the employee. And if they have availed a workers compensation insurance scheme, then the insurance company will bear all the medical costs involved.
In some instances, the employee may file a civil lawsuit against the employer and make him or her responsible for the accident. And if the accusation stands, the employer may be bound to pay a huge sum to the affected person. In such cases, a workers compensation insurance may turn out to be very useful as it will cover the legal costs of the employer too. It also provides coverage not only for injuries, but also work-related illnesses as well. The insurance also provides coverage for workers injured in a workplace or elsewhere while they are out on official duty. The compensation is provided to employees without taking into account who was at fault during the time of the incident. Every state has its own laws when it comes to the amount of compensation and lost income benefits along with rehabilitation services as well.
With our thorough knowledge of all the services we support and the industries we serve, we make educated recommendations which help our customers take advantage of the best, most economical coverage possible. At Brookhaven Insurance agency we help you choose policies that address your needs and ensure protection. And we do it all clearly and with purpose.