Workers’ compensation insurance is designed to accomplish three things:
- Make financial help available to wounded workers
- Keep your firm safe in the event of a lawsuit
- Reduce the possibility of worker lawsuits
For more information regarding how workers’ compensation provides these safeguards, read on!
Make Financial Help Available To Wounded Workers
Your injured employees will profit from a workers’ compensation policy because it will provide:
- Compensation for medical and rehabilitation expenditures: If a worker is injured at work due to a job-related accident (like a slip and fall), workers’ compensation will cover costs for any health care procedures or rehabilitation, which the worker takes to return to a healthy condition.
- Replacement wages: If a worker cannot work due to a work-related injury, your workers’ compensation policy will reimburse the partial worker wages for a predetermined amount of time.
- Death benefits: If a worker dies due to a job-related accident, your workers’ compensation policy will reimburse death payments to the person’s family.
Reduce The Possibility Of Worker Lawsuits
Workers’ compensation insurance helps protect the business in cases where an employee sustains injury in the workplace by minimizing employee suits. Employers can use it to settle the damages to their employees without having to battle it out in court.
Keep Your Firm Safe In The Event Of A Lawsuit
If workers’ compensation insurance does not reimburse a worker’s accident, the worker may claim their employers for the expense of hospital costs and missed wages. Workers’ compensation insurance helps to pay the company’s unexpected attorneys’ bills during the duration of a case.
Is It Necessary For You To Have Workers’ Compensation Insurance?
Workers’ compensation insurance is regulated on a state-by-state basis, with each state having its own set of rules, regulations, and criteria. If you have one or more employees (yourself exempted), most states require you to have this coverage. Some states necessitate you to have a plan in place if your firm has three to five employees.
The Phoenix Workers’ Compensation Attorneys at Snow, Carpio & Weekley strongly advise you to follow this advice regardless of your state of residence: if your firm has one or more employees, you should purchase a workers’ compensation insurance plan.
Even though your company is yet to achieve the number of employees required by your state, a single incident may lead to hospital costs or legal expenditures that place your entire organization in danger.
If your company meets the requirements for state-mandated workers’ compensation coverage but fails to obtain insurance, you would be violating the law and may face harsh fines. Noncompliance is punishable by fines of up to $10,000. In certain states, it is even considered a crime penalized by jail time.
Seek Expert Legal Counsel!
Contact a legal expert if you have been injured at work.
You must notify your boss and verify that an incident report is completed on time following the accident. After that, get medical assistance as soon as possible. Victims of workers’ compensation cases might be required to see a physician of their boss’s choice.
Obtaining legal counsel can help guarantee that your employer’s insurance provider does not dismiss your claim, and if it does, it places you in a stronger position to appeal. For more information regarding workers’ compensation insurance, contact Snow, Carpio & Weekley today.