REAL ESTATE & CONSTRUCTION
PRIVATE CLIENT PRACTICE
Workers compensation laws were established to ensure that employees who suffer job-related injuries receive predetermined monetary benefits. This system eliminates the need for legal proceedings and simplifies the process for the affected employees. Moreover, it helps employers mitigate their financial risks since many states impose limits on the amount that an injured employee can seek from their employer. It is important to note that workers compensation is distinct from health insurance as it specifically addresses injuries sustained in the workplace.
In most states, having workers compensation coverage is a legal requirement if you have employees. Even in states where it is not mandatory, obtaining this coverage is highly advisable, especially if your workforce is sizable or engaged in hazardous activities. By having workers compensation insurance, you provide essential protection for your employees and your business in the event of work-related injuries or accidents.
Employers are required by law to make sure that their workers are safe at work. However, even when appropriate safety precautions are taken, accidents can still happen. Almost every state requires businesses to have workers compensation insurance in order to protect employers from lawsuits resulting from workplace accidents and to provide medical care and compensation for lost wages to employees injured in such accidents.
Workers’ compensation insurance covers injuries incurred by employees while on the job, whether they occur on the premises of the employer, while traveling for business, or in automobile accidents. It also covers ailments brought on by one’s job.
Regardless of who was at responsibility for the injury, this insurance covers medical expenses and rehabilitation costs for injured workers. Additionally, it provides survivorship benefits for spouses and dependents.
Workers compensation insurance must be obtained as a separate policy. While business owners policies (BOPs) are sold as package policies, they typically do not include coverage for workers’ injuries.