As a business owner, you do everything you can to protect your employees from potential dangers, but do you have Workers’ Compensation Insurance? Most business owners understand that workers compensation is important, but did you know that if you have employees, it is required by law for most businesses to have coverage?
As a rule, a company with any employees is required to purchase Workers Comp Insurance to cover medical expenses, permanent disability, and a portion of an injured employee’s wages. If you do not offer it, you can be fined up to $2,500 a day and can face a Class D felony charge with a mandatory minimum one year prison sentence. Termination of an employee who is injured while working and/or who files a workers’ compensation claim is also illegal.
Policies can provide coverage for: Medical expenses, Lost income/wages, Rehabilitation Costs, Death benefits, And more…
Does workers’ compensation cover just medical bills?
Workers’ comp does pay hospital and medical expenses that are necessary to diagnose and treat your injury. But it also provides disability payments while you are unable to work (typically, about two-thirds of your regular salary), and may pay for rehabilitation, retraining, and other benefits as well.
Do I have to be injured at my workplace to be covered by workers’ compensation?
No. As long as your injury is job-related, it’s covered. For example, you will be covered if you are injured while traveling on business, doing a work-related errand, or even attending a required business-related social function.
Does workers’ compensation cover long-term problems and illnesses?
Your injury need not be caused by an accident — such as a fall from a ladder — to be covered by workers’ compensation. Many workers receive compensation for injuries that are caused by overuse or misuse over a long period of time (for example, repetitive stress injuries such as carpal tunnel syndrome or chronic back problems). You may also be compensated for some illnesses and diseases that are the gradual result of work conditions, such as heart conditions, lung disease, and stress-related digestive problems.