« As an Employer, You Need to Have Workers Comp Coverage | Home | Business Car Insurance – How To Shop For It »
Workers Compensation Insurance Is Mandatory
By OnTopic | December 23, 2009
In most states, workers comp is required to be carried by the employer. It’s insurance which provides medical care for an worker should he or she gets hurt while doing work for you. This also defends you from being sued by the injured worker.
Workers compensation insurance might extend to other incidents besides accidents in the workplace. The coverage of workers comp policy may safeguard the employee elsewhere besides the place of employment, even if they have an automobile accident during business hours. It does not have to happen directly on business property. Illnesses might also be covered also.
The workman’s compensation insurance pays your worker for his or her time missed from their regular duties after accident, regardless of who is found at fault for the accident. As well as the above mentioned benefits, it also provides a payment in case of death to the injured worker’s family. Every state has specific and unique rules regarding workers comp.
When a business is looking for worker compensation insurance, the company has to buy it separately from property or liability kinds of insurance. BOPs, also known as business owner’s policies, will usually be offered as insurance packages, however, these packages do not come with the required coverage for hurt employees. Workers compensation will be sold under its own package.
The whole concept of workmans compensation insurance dates back to the beginning of the 1900′s. Americans decided there existed a necessity for employees to be safe from on the job accidents and needed to be paid for any and all accidental injuries that resulted from their workplace. This was a consequence of the community’s shock over poor working conditions and the dangers that came with certain jobs.
Workman’s compensation is older than either unemployment and social security coverage. The majority of the regions embraced this type of compensation in approximately the start of the 20th century, when California implemented it. It’s a type of ‘no-fault’ insurance where nobody has to provide proof of the liability of the parties involved.
Some of the coverages that may be obtained, depending upon the circumstances, are disability coverages, work rehab, supplementary work displacement benefits, permanent disability coverage, temporary disability benefits, and payments in case of death.
Topics: Insurance | No Comments »