Workers’ Compensation Benefits That You Need to Know About

Workers’ compensation insurance offers peace of mind to both employees as well as their employers. The benefits offered by this type of insurance are extensive and can help you and your employee makes it through a very difficult period. A good workers’ comp policy will protect regular employees, 1099 workers, subcontractors, and seasonal workers, as well as the sole proprietor. By purchasing this type of insurance, you will receive many benefits in return.

Compliance With Your State’s Regulations

Most states require that you have a workers’ compensation policy in place to protect your employees while they are on the job. Business owners who do not comply with this mandatory requirement may face heavy fines. Having a good workers’ comp policy in place protects your business on many levels and also allows you to remain in compliance with your state’s labor laws. Remaining in compliance is a must if you want to be successful in running your business.

Compensates Employees for Their Medical Expenses

Workers’ compensation insurance pays an injured employee’s medical expenses if their injuries were the result of an on-the-job accident. If an employee is injured while they are on the job, they may not be able to work until they have received treatment and have been cleared by the attending physician. Workers’ comp insurance also covers any wages the employee may lose while they are off work and recovering from their injuries.

Temporary Disability Benefits

Workers’ compensation insurance will cover temporary disability benefits when the employee is off of work for any time period longer than just a few weeks. In most cases, temporary disability usually goes into effect if the employee is off for up to six months or less. These benefits will take care of their medical expenses as well as their lost wages. Many employers will often try to find other work for the employee to do while they are recovering from their original injury.

Permanent Disability Benefits

Permanent disability benefits are offered if it is determined that the employee will never fully recover from their injuries. Once this determination has been made, the employee can choose to take a lump sum payoff so that their case can be closed or accept an offer for free training so they can learn how to perform another job and eventually return to work.

Supplemental Benefits for Job Displacement

If an employee can no longer perform their previous job, an employer may offer supplemental benefits that allow them the training they need to be able to perform a different job. They will continue to receive their disability benefits while they are completing their training. Once they have finished, they can return to work, and their workers’ comp benefits will stop.

Death Benefits

If an employee dies because of a work-related accident, their family or estate will receive the death benefit payout from their insurance policy. This benefit will help the family recover financially from the loss of their loved one.

Family Financials Insurance Group Can Help You!  

If you have questions about workers’ comp insurance or how it will help if you are involved in a work-related accident, contact our agents here at Family Financial Insurance Group. We can make sure you have a full understanding of workers’ comp insurance and how it will benefit you and your employees.

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