Reliable Security for Workplace Afflictions. Workers’ compensation insurance covers costs associated with occupational accidents and illnesses due to the high cost of medical care. Although each state has its own workers’ compensation rules, small firms usually need a policy as soon as they recruit their first few workers.
This policy offers significant protection against medical costs and employee claims linked to workplace injuries, such as a slip and fall in the workplace, an injury from equipment or machinery, or an occupational sickness, even though it is not required by law. You can always rely on workers’ compensation if you or a worker requires medical attention or time off due to an injury sustained at work or if a worker sues you for negligence.
If your company doesn’t have workers’ compensation insurance, medical expenses and legal costs will be your responsibility. And most states impose steep fines for noncompliance. The expense of immediate care for workplace accidents, including ambulance trips, ER visits, surgical operations, and other medical bills, is covered by workers’ compensation insurance. The cost of ongoing care, including prescription drugs and physical therapy, is also covered.
An employee may be unable to return to work for days, weeks, or even months following a major accident. Workers’ compensation benefits cover part of the wages lost while an employee is healing from a job injury or occupational disease. Workers’ compensation pays death benefits when a work-related incident results in death.
The importance of workers’ compensation insurance coverage is limitless. Though we never expect to need these compensations, having them before we need them saves us a lot of heartache in the unforeseeable future.
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