Prevot & Associates

What is Workers Compensation Insurance?

Workers Compensation Insurance
Workers’ Compensation Insurance is required by most of the states. It is also known as workers’ comp or workman’s comp. Workers’ Compensation Insurance gives your representatives and employees benefits on the off chance that they get a job-related injury or ailment. It helps in protecting the company from lawsuits filed against them by the employees or their families due to those injuries. Workers’ Compensation Insurance benefits the company in covering the medical expenses of the employees, give disability benefits, supplant the majority of their lost wages in the event that they are not in a condition to work and are on rest. It also helps the company paying for the memorial service of the employee on the off chance that they lose their life while working for the company.

What does Workers’ Compensation Insurance cover?

We have briefly mentioned above what workers’ compensation insurance covers, but you might want to know the details of workers compensation insurance coverage. So we will be discussing the coverages it provides:

  • Missed Salaries: In case your employee is suffering from an injury due to which they need rest, Workers’ Compensation Insurance helps in replacing a portion of your employee’s lost pay. For example, your carpenter cuts his hand while working at a customer’s place, and can’t work for a week or two; Workers’ Compensation Insurance will help in supplanting a portion of their lost pay.
  • Medical Expenses: In case of a medical illness or injury to your employee while working, Workers’ Compensation Insurance helps to pay the medical bills. This can incorporate visits to the doctor, surgeries if needed, and medicines. For instance, if your cook spills boiling water on his arm while working at the work premises, Workers’ Compensation Insurance will cover all the medical expenses.
  • Memorial services: In case of a tragic event, your employee loses their life while doing their job, Workers’ Compensation Insurance will cover all the memorial service expenses and give death benefits to the worker’s recipients.
  • Illness: If any of your employees get sick while working, Workers’ Compensation Insurance helps to cover the expenses needed for treatment and care.
  • Disability: If your employee suffers from severe injury leading them to be disabled, and can’t work due to that disability. Workers’ Compensation Insurance will cover the medical expenses of that employee as well as replace some of their lost pay.
California Contractor General Liability Insurance

What happens if you don’t have Workers’ Compensation Insurance?

After reading the above benefits, you must understand why Workers’ Compensation Insurance is beneficial. If you don’t have it, you might suffer from various risks of bankruptcy. Your business can financially annihilate if a serious job-related injury occurs to an employee of yours. A small business can’t pay for medical expenses in case of an injury to an employee or other legal expenses out of their pocket if they get sued by the employee. Workers’ Compensation Insurance helps to cover them all.

Workers’ Compensation Insurance is required by most of the states and it is very beneficial for the business. You must do all your research and get the right coverage for your business to be secure. Prevot & Associates can help you best insurance option for your business. Please call us at (408) 872-1322 to get a proposal and for more details.

Workers’ Compensation Insurance

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