What is workers comp insurance?
Workers compensation legal guidelines were fashioned to ensure that employees who are injured on the job are provided with preset economic awards. This eliminates the need for lawsuits and creates an simpler process for a worker. It also helps manage the economic risks for businesses since many states limit the amount an injured worker can get back from an employer.
Workers Compensation Insurance is designed to help employers pay these benefits. As a protection for employees, most states insist on that employers carry some kind of Workers Compensation Insurance. Workers Compensation Insurance isn't health insurance. Workers Compensation is meant expressly for injuries sustained on the job.
Where can I buy workers compensation insurance, and do I need workers compensation insurance?
In many states, for those who have employees, you’re required to carry Workers Compensation coverage. Even in non-compulsory states, it can be a very good idea, particularly if you have many employees, or if they are engaged in dangerous projects.companies have a obligation to their workers to make the workplace safe. Still, mishaps occur even while every practical preventive measures has been taken.
To protect corporations from legal cases ensuing from work related incidents and to offer medical / health care and compensation for lost income to employees harmed in workplace accidents, in nearly every state, companies are mandated to buy workers compensation insurance. Workers compensation insurance covers workers injured at the job, whether they are hurt on the workplace premises, somewhere else, or in auto accidents while doing business for a company, It also addresses work-related health problems.
Workers compensation provides payments for injured workers, without regard to who was at fault in the incident, for time lost from work and for medical and rehabilitation services. It also provides death benefits to surviving spouses and dependents.
Each state has different guidelines governing the amount and length of lost income benefits, the provision of medical and rehabilitation services and how the procedure is administered. As an example ,, in most states there is regulations that cover whether the worker or company can choose the doctor who treats the injuries and how disputes about benefits are resolved.
How do I get workers compensation insurance?
Workers compensation insurance needs to be purchased as a separate insurance policy. Although in-home business and business owner’s policies (BOPs) are sold as package plans, they don't pay for coverage for workers' injuries. For further information on Workers Compensation Insurance contact HRT Insurance Group at 251-445-8300.