Workers’ Compensation insurance (Workers’ Comp insurance) is a mandatory type of insurance carried by many businesses. Workers’ Comp insurance covers medical costs and a portion of lost wages for an employee who becomes injured or ill on the job.
Workers’ Comp insurance also protects companies from being sued by employees for workplace conditions that can cause an injury or illness.
Who Needs Workers’ Comp Insurance?
Workers’ Comp insurance is required by law in almost every state. Workers’ comp laws are designed to ensure payment by employers for some part of the cost of injuries, or in some cases, of occupational diseases, received by employees in the course of their work.
Workers’ Comp Insurance Basics
Workers’ Comp insurance typically only covers injuries or illnesses when they occur as a result of duties performed on the job or while at work. Examples of injuries that may be covered by Workers’ Comp insurance include injuries caused by lifting heavy equipment, slipping on a wet or oily surface, or sustaining injury due to fires or explosions.
Many state workers’ comp programs do not provide coverage for injuries that occur while an employee is not acting within the scope of employment – such as while playing football with friends on a day off.
Benefits of Workers’ Compensation Insurance
- Workplace Accident and Illness Coverage: From slips on icy ground to injuries from equipment or long-term exposure to chemicals, workers’ compensation protects employees in a wide range of scenarios. This is important because traditional health insurance often doesn’t cover work-related incidents.
- Medical Expense Coverage: If an employee is injured on the job, workers’ comp can cover their related medical bills. This eases the financial burden for both the employee and employer, and allows the employee to focus on recovery.
- Lost Wage Compensation: An illness or injury can mean weeks or even months without work for your employees. Workers’ compensation can cover a portion of their lost wages during this time. This financial support helps employees maintain financial stability during recovery.
- Disability Benefits: In some cases, a work-related injury or illness may result in permanent disability. Workers’ compensation can provide long-term financial assistance for employees who can no longer work in the same capacity.
- Employer Protection: As an employer, workers’ compensation insurance offers you a level of protection. It can safeguard you against potential lawsuits related to workplace injuries, while also preserving your business’s financial stability and reputation.
- Promotion of Workplace Safety: Workers’ compensation can encourage employers to establish safety programs. This not only reduces the risk of work-related incidents, but also fosters a culture of safety in the workplace.
Partner with Do Right Insurance
Do Right Insurance believes in accessible, quality commercial insurance for all businesses. Our team works with various providers to find a policy that fits your unique needs and budget. Whether you need a bundled policy or something more customized, we can help find the best coverage at the best price. Reach out today for a no-obligation quote on workers’ compensation insurance in Bluffdale, Utah.
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