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Injuries and illnesses at work are not uncommon. There are cases when an employee faces injury while performing a job-related task. In such scenarios, it is the employer's responsibility to ensure that the employee receives suitable treatment. Without the correct coverage, you and your business might have to face huge financial burden, Fortunately, you donu2019t have to worry if you have workers compensation insurance. This insurance policy provides coverage for medical expenses, lost wages, and rehabilitation services for your employees. Moreover, it also covers your legal expenses if you face any lawsuit related to an employeeu2019s injury. This policy helps you minimize the financial difficulties that your employees have to suffer due to health issues caused in the workplace. Click here to learn more about workers compensation insurance. https://quotezebra.com/workers-compensation-insurance/
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Workers Compensation Insurance Secure Your Employees and Your Business
What is workers compensation insurance? • Workers compensation insurance protects your employees if they get injuries and illness resulting from work-related accidents or mishaps. • This policy protects not only your employees but also your business from hefty costs from lawsuits. • The policy stands on a ‘no-fault’ principle. To clarify, the employees do not have to prove an employer’s fault for the accident to receive compensation. • In exchange of the coverage, the injured employee gives up the right to sue the employer for the incurred damages.
The Bureau of Labor Statistics reported 900,380 injuries or illnesses that led to a worker miss at least one day of work within private industries in 2018. • Therefore, workers compensation insurance is a must to protect your employees from workplace injuries and your business from financial calamities.
State requirements for workers compensation • Workers compensation is mandatory as per the law in most states for businesses to protect themselves from litigation. • Texas is the only state where employers have the option to buy the policy.
How to get workers compensation insurance? • In most states, businesses can purchase workers comp policy from a variety of insurance providers. • However, monopolistic states require employers to obtain the plan strictly from the state fund. The only four monopolistic states are: • North Dakota • Ohio • Washington • Wyoming • Likewise, businesses must also maintain regulations with the Organizational Safety and Health Act. It states that employers must furnish to all the employees’ employment and the place of employment which are free from recognized hazards that cause death or serious physical harm to the employees.
What does workers compensation insurance cover? Coverage A: Workers compensation insurance • Workers compensation coverage A facilitates benefits to workers under state laws against injuries incurred while performing job-related activities. • Under this coverage, employees can receive the following benefits: • Medical payments • Loss of wages • Vocal rehabilitation • Death benefits
What does workers compensation insurance cover? Coverage B: Employers’ liability insurance • Employers’ liability coverage protects the business owners when an employee files a negligence lawsuit against them for injuries that are not compensated by state laws. • This coverage pays for legal expenses incurred during the litigation process, which include: • Court fees • Attorney’s fees • Cost of settlement
Common endorsements of workers compensation insurance • Waiver of subrogation • Stop-gap endorsement • Voluntary compensation endorsement
Exemptions of workers compensation insurance • Involvement of drugs and alcohol • Policy violations • Injuries not related to work
Factors that determine the cost of workers compensation insurance • Class codes of the industry • State regulations • Annual payroll • Nature of employees’ work • Claims history
Protect your business as well as your employees with workers compensation insurance.Click here to learn more about workers compensation insurance.