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Workers comp, workman comp, or workers compensation insurance are all names for the same type of insurance and the chances are that if you run a business then you have probably heard of workers comp insurance. Workers comp provides insurance coverage that serves as a form of wage replacement for employees who are injured on the job. This provides the injured employee with a valuable and necessary source of benefits and income while they are unable to work. Depending on where your company operates, how many employees it has, and how these employees are classified, it may be legally required for your company to have it.

What Does Workers Comp Cover?

Workers comp covers job-related accidents, injuries, or illnesses. Thus if an employee is exposed to a toxic substance that makes them sick, is in a machinery-related accident, or falls down or off of something and becomes hurt, then they will typically be eligible for workers comp. Workers comp does not address the issues of liability for the injury. It could be a no-fault accident, the fault of the employee, the fault of the employer, the fault of a co-worker, or even the fault of a third-party person such as customer.

What Benefits Are Paid Under Workers Comp?

An employee who receives workers comp will typically receive coverage of their medical bills and may also receive benefits in the form of lost wages. If the employee becomes disabled he or she may also receive a larger payment which could be paid out as a lump sum or over the course of a long period of time. If the employee is so significantly injured that he or she dies then workers comp will also pay out a death benefit to the employee’s family.

How Does Workers Comp Protect Employers?

Workers comp also offers a layer of protection to employers. If the injured employee accepts workers comp benefits that they are generally waiving their right to sue for the incident that caused the accident. If the employee chooses to sue instead then the employer may be covered for the civil lawsuit or settlement. As discussed above, workers comp is often legally required of employers.

How Else Can Workers Comp Benefit Employers and Employees?

Workers comp has the additional benefit of making the company a more attractive place to work, which in turn can benefit for the company and employers and help earn them a good reputation in the industry. Workers comp also offers peace of mind to employees who might otherwise be concerned about the financial implications of a work-related injury. It also offers peace of mind to employers who know that their employees will be taken care of and who can also rest assured that they are in compliance with the law.

Beaty Insurance knows that workers comp laws and the amount of coverage needed can get confusing. We are always eager and willing to sit down with people and discuss their workers comp needs with them to help ensure that they are getting the best coverage for their money and that their company is legally and financially protected. Please contact us for more information about workers comp insurance.