Workers’ Compensation Insurance – Know your rights

Protect yourself, your business, and your employees by getting workers’ compensation insurance.

Starting a business is a difficult ordeal. It’s not just the investment, it’s more than that. One has to have courage, ample calculation, and the right insurance coverage.

The first thing that an entrepreneur must do upon opening the business is to protect the company and the people working for it. It’s so important, in fact, that state governments require owners to process this information the moment they start hiring employers.

What is workers’ compensation insurance?

Workers’ compensation insurance is for employees who are injured or have gotten sick due to their job. This insurance can pay for the worker’s medical expenses and their rehabilitation costs. The employee/s can also be paid if they miss work because of the injury. In some cases, death benefits are also given if the employee is killed in a job-related duties.

Benefits of Workers’ compensation insurance

As the business owner

No matter how safe your working environment may be, there are always risks present. Data from the US Bureau of Labor Statistics shows that employees miss at least eight days of work a year due to work-related injuries. In 2016 alone, private businesses experienced almost 900,000 occupational injuries and illnesses, and the number is growing.

Business owners are responsible if their employees are injured at work. Without the proper coverage, these medical bills might end up eating your investment slowly. You don’t want to push your personal money to the limit to pay for medical treatments.

As an employer

Employers of the injured workers are responsible to provide the appropriate forms and information in the claiming process, but it’s the employee who should be filing to the employer’s insurance company. Once the provider approves the claim, the employee can receive the workers’ compensation insurance benefits. This could include the medical expenses, rehabilitation costs, and two-thirds of their wages while they are unable to do their work.

If the employee wants to return to work, he/she may work on a reduced schedule depending on the physician’s recommendation.

Here at London Insurance Agency, we make sure that you get the best out of your compensation insurance. We also want to protect you and your business. This policy will reduce injuries and losses, medical and disability costs, and reduce the premium cost. We can customize the program depending on the type of business and the number of employees you have.