Workers Compensation Benefits In Case of Injury

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What Workers Compensation is all About:

Workers Compensation is a type of insurance that protects workers in the event of personal injury by assisting with wage replacement and medical treatment. If an employee is injured while on the job they may need to take time off. Taking time off of work means that employee will lose wages if not protected by Workers Compensation. Additionally, if an individual requires medical treatment, the financial consequences of personal injury can be even more significant. Investing in Workers Compensation for both your employees and yourself is an important part of minimizing the risks associated with personal injury.

Read on to learn more about Workers Compensation Benefits.

When do You Need Workers Compensation?

While many personal injuries happen at the headquarters of your business, injuries can happen elsewhere while you are involved in a job-related activity. If for example, you are driving a vehicle and using it to carry out a job-related task, and you end up involved in an accident, you will be covered by Workers Compensation, if your business has it. Many people are required to attend certain functions or go on business trips on behalf of their employers. When doing so, Workers Compensation is active, protecting employees wherever they go.

What are the Benefits of Workers Compensation?

There are various benefits that you will receive if you are injured while on the job. Wage replacement is an important benefit of Workers Compensation which enables the injured party to recover wages lost if they are unable to continue working. An injured party is also able to have any required medical treatment, related to the injury, covered. The costs of medical treatment can vary greatly depending on the injury and in some instances be exceedingly significant. If one of your employees has injured themselves, without Workers Compensation, they could be subject to financial consequences which could affect them for decades.

In addition to wage replacement and medical treatment, Workers Compensation also covers the cost of rehabilitation and disability coverage. While you may eventually be able to return to work following an injury, you may not have fully recovered yet and may need to access rehabilitation services. In some instances, an injured party may not be able to ever return to work. If this is the case, they may need disability coverage to assist them in making ends meet while unable to work.

Workers Compensation is built upon the notion that an employee trades their ability to sue an employer in exchange for the benefits of insurance. This exchange is also part of a no-fault system in which, regardless of who’s fault it was that someone was injured, the injured party will receive Workers Compensation and not be able to sue their employer. While this is the case, there are some instances in which they can sue their employer. If an injured party believes that their employer has intentionally caused them harm, they can file an intentional tort. An intentional tort covers a broad range of types of harm such as battery, assault, fraud, defamation and invasion of privacy.

Regardless of the industry and the type of work being carried out, no one is truly immune to work-related injuries. Given this, it is important for all business owners to invest in Workers Compensation to ensure that if even if a freak accident occurs, both themselves and the injured party are covered. Without Workers Compensation, even the safest of workplaces are subject to potentially disastrous financial and reputational outcomes. Workers Compensation provides all business owners with the peace of mind in knowing that their employees and their business are covered in the event of injury.

Still not sure what you need?

Head on over to CoverWallet’s Insurance Checklist. There you’ll find a list of insurance types needed for your industry.