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Workers' Comp 101

If you are an employer, you are probably required by law to have workers' compensation insurance. This insurance will provide you no-fault coverage to employees that are not able to work anymore as a result of a work place injury. Workers compensation insurance will provide you with the insurance coverage you are required to have.  No fault coverage usually stipulates that the employee cannot sue the employer for an injury that occurred in the work place.

When an employee is receiving workers’ compensation, he or she will often be receiving medical benefits and partial salary. In general this type of insurance will cover medical bills, hospital bills, lost wages, rehabilitation, medication or even residual loss of earning capacity.

To claim this money it is often required that the employee report the injury to the employer within 30 days of the injury. The employer is then required to report the claim to the insurance company in a short amount of time.  Often, the employer has 7 days to report the claim.

Workers’ compensation insurance can save your business.  Should an employee get injured on the job, you will be able to cover the cost of what you are legally responsible to provide.  When you do not have workers’ compensation insurance, an employee’s injury may cause you financial strife or even financial ruin. Choose your workers’ compensation insurance wisely, so you know you have the protection that you will need. Don’t leave your financial security up to chance.