There are several things you should learn about workers’ compensation. The best place to start is with the basics, such as the what, why, who, when, and where. Knowing the answers to these questions will help you make better decisions and ensure you have the best coverage possible. Speaking to a reputable agent can help answer any questions you might have about workers’ compensation.
What Exactly Is Workers’ Compensation?
Workers’ compensation is a valuable asset and can save your livelihood if an emergency happens. Workers’ compensation insurance protects both the employee and the employer. It protects the employer from financial loss if an employee is injured and also protects the employee by covering their medical expenses and lost wages. It ensures that both parties’ needs are met without damaging the company’s financial health.
Why Do Companies Need Workers’ Compensation Insurance?
Companies need workers’ compensation insurance to protect their financial security. If a worker is injured while on the job, the company is responsible for both their medical expenses and their lost wages. If the injury is severe, the financial costs can be devastating to a business. With workers’ compensation insurance, all of these expenses are covered, and the company’s working capital stays intact. The insurance will even provide new training if an employee cannot return to the job they held before their injury.
Who Needs Workers’ Compensation Coverage?
Any employee who works for your company should have workers’ compensation coverage. It is mandatory in many states that companies carry workers’ compensation insurance. By protecting your employees, you also protect yourself as a business owner. There are also insurance policies that are designed to cover business owners and individuals in management positions. Insuring your employees is the best way to make sure both of you are fully protected in case of an accident.
When Should Companies Buy Their Workers’ Compensation/When Should Workers’ File a Claim?
If you are a business owner, you need to have a workers’ compensation policy in place before you hire your first employee. This will keep you in compliance with your state’s insurance requirements and also protect your company’s financial future. Without proper coverage, you are not only responsible for your employee’s expenses and lost wages, but you may also have to pay hefty fines for not complying with state insurance guidelines.
If you are an employee, you must file a workers’ compensation claim immediately after you are injured. After a work-related injury, you must report it to your employer and then seek medical attention. Once you have received proper medical attention, you need to file your claim to receive the compensation you deserve. This coverage can include covering your medical expenses, lost wages, or providing additional training so you can take on another position.
Where Can Companies Get Good Workers’ Compensation Coverage?
If you own a business and need good workers’ compensation insurance, your first place to go for a policy is your insurance agent. You can also find coverage through a broker who specializes in workers’ compensation policies. A reputable agent will be able to answer your questions and get you started with a policy that works for you. They will also explain the process once an employee files a workers’ compensation claim after a work-related injury has occurred.
If you are a business owner or an employee and have questions about workers’ compensation, you need to get accurate information. Talk to the agents at Premier Risk, LLC to find out everything you need to know about workers’ compensation and the benefits it offers. We serve Long Island and neighboring cities in New York – Contact us to get started today.