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Workers Compensation Insurance
An employee who is injured on the job—even
while driving his own vehicle or a company
vehicle—is covered by workers’ compensation.
Most companies with employees are required to
carry workers’ compensation insurance for on-thejob
injuries or illness. Claims can include medical
bills and disability income—both of which can be
costly to your business in terms of increased workers’
compensation premiums.
Like auto insurance, workers’ compensation differs
from other types of insurance because the employer
is generally required to have coverage in order to
comply with state law. Worker’s compensation can
cover you for the cost of an injured employee’s lost
wages and for the medical care needed to get them
back to work. It can also pay legal defense costs and
reasonable expenses, such as loss of earnings incurred
on your behalf in connection with a claim or lawsuit.
The cost of workers’ compensation insurance
varies based on the number of employees and on
the nature of your business. For instance, workers’
compensation insurance will be more expensive
for a metalworking shop employee than for a telemarketing
firm employee, due to the increased
likelihood of work hazards. Make sure your company
and employees are classified correctly so you
pay the proper premium.
On-the-job injuries or resultant illnesses can be costly. Not having proper coverage against these expenses means you could be taking a big financial risk. You can cover the cost of medical expenses and disability payments with Workers' Compensation insurance.
Workers' Compensation insurance policies actually provide two types of protection. One covers the cost of medical expenses and disability payments if employees are injured or exposed to illness-causing substances while on the job. The other provides businesses with liability protection in case they are sued for damages arising from employment-related accidents or diseases.
Typically, Workers' Compensation will pay for:
- Medical benefits for job-related injury or disease
- Disability income benefits, including compensation for lost wages
- Rehabilitation benefits to help an injured worker return to productive work
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