Running a business takes a lot of work and can sometimes be stressful. No matter the type of business, employees can become hurt. When injuries occur, owners can be held liable for paying the medical bills and lost wages of the injured employee. Depending on the size of the business and the state, owners are often required to provide their employees with worker’s compensation insurance. For additional reading on the subject, see below.
What Is Worker’s Compensation Insurance?
Worker’s compensation laws can vary by state, and it is imperative owners learn as much as possible so they can be compliant with the law. Reading Workers’ Compensation Definition | Workers’ Comp FAQs can allow business owners to stay abreast of the latest changes to the worker’s compensation program in their state. Worker’s compensation provides insurance coverage for the following.
Should the injured employee miss work due to their workplace injury, the worker’s compensation insurance will cover a portion of their missed wages. Without this in place, the owner of the company will be required to pay for the lost wages.
This insurance also offers coverage for medical bills directly related to the treatment of the injury. Medical bills are covered 100% by these policies, according to realtimecampaign.com. In some states, the injured employee is required to see a doctor within a network of covered practices.
When an injured employee requires ongoing care to help them get back to work, worker’s compensation policies provide coverage for these treatments.
In the case of deaths caused by workplace injuries, death benefits are paid to the deceased’s estate, and they cover funeral costs. Having a full coverage policy is essential for ensuring a company meets the standards of the law and is able to protect its employees adequately.
Who Is Required to Hold a Worker’s Compensation Insurance Policy?
All states require employers to carry worker’s compensation insurance coverage except the state of Texas. Although most states require worker’s comp insurance, there are some businesses that may be exempt. Working with a company such as FFVA will allow employers to ensure they meet all state-level requirements for their industry.
Employers are not required to carry worker’s comp for family employees. They also are not required when their employees work strictly on commission. Part-time workers and volunteers are also generally not required to be covered by worker’s compensation insurance.
In some states, employers may not be required to provide worker’s compensation insurance if they have only a few employees. Even if an employer is not required to hold this type of insurance coverage, it is wise to purchase a policy for the protection of employees. Employees often feel more confident knowing there is insurance protection available, should a workplace accident occur through no fault of their own.
Discover Further Information Today
With the right level of worker’s compensation coverage, employers can ensure their employees are properly protected, should an accident happen on the job. With this protection, employers will also be protected against lawsuits and can ensure they will not have to pay for medical bills and lost wages out of their own pockets.