Discusses What One Needs to Know about Workers Compensation Insurance Discusses What One Needs to Know about Workers Compensation Insurance

Business owners must follow strategies for protecting their workers and avoiding potential OSHA violations. The company must mitigate risks that could lead to worker-related injuries. By purchasing worker’s compensation insurance, the company can provide coverage when a worker sustains injuries in the workplace. 

Required by Federal Law

Worker’s compensation insurance is required by federal law if a company hires more than one employee. The laws state that coverage must be purchased after there are at least two employees even if the workers are related to the business owner. The employer must have proof of their coverage, and the federal government can review their policy at any time according to

What Does the Insurance Cover?

Worker’s compensation insurance covers medical expenses related to worker-related injuries and accidents. The benefits provide replacement wages for workers who are too injured to return to work immediately. The policies have clauses that could lead to a denial of coverage if the worker wasn’t within the workplace at the time of the accident, or if there is evidence that the worker played a role in causing their own injuries.

With new requirements for Workers’ Compensation and COVID, many employers have seen an increase in claims as workers become exposed to the virus. The employer will have to file a claim or provide compensation for the worker if they were exposed to the virus because of failures in the workplace to mitigate risks. 

How to Manage a Claim

After a worker sustains a work-related injury, the human resources manager provides the worker with the correct forms and sends the worker to an ER or urgent care facility. The doctor must send a medical report to the insurer within 10 days. A claims adjuster process the claim and determine if the worker’s injuries are covered under the terms of the policy. Employers can learn more about processing claims by visiting this site link now. 

How to Decrease Premiums

Business owners can decrease the worker’s compensation premiums by completing risk mitigation on an ongoing basis to eliminate OSHA violations and hazards that could lead to an accident. They can also create company policies to mitigate risks, and if the workers violate the policies, they cannot file a claim. Employers can learn more about insurance by contacting an insurer such as ICW Group today. 

What Can Happen If a Worker Is Denied the Benefits?

A denial of worker’s compensation benefits could lead to a lawsuit if the worker was eligible for benefits. Employers must evaluate the accident and determine if the insurer could have got it wrong. If so, the business owner can review options for compensating their injured worker to avoid further financial losses. 

Business owners are required by law to purchase and maintain worker’s compensation insurance, and the federal government will review these requirements. Any company that doesn’t have insurance and has more than one work could face penalties. If they do not provide coverage for injured workers who are eligible, the business owner could face a personal injury lawsuit. 

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