April 17, 2023
Blog Over 4.2 million workers are injured at work in the United States every year.
When you look at the data, you’ll notice that industries like construction and mining lead in the number of injuries. However, this does not mean that other industries don’t have to worry about workplace injury.
This is because the data shows that injuries also occur in the manufacturing, hospitality, and finance industry. This highlights the importance and needs for employers and employees to value workers’ comp. This insurance policy is specifically designed to protect everyone in the workplace.
Want to learn more about workers’ comp insurance? Read this in-depth guide on workers’ comp along with the benefits of this policy for both businesses and employees.
What is Workers’ Comp?
Workers’ comp is a type of insurance that is designed for both employers and employees. This insurance policy covers employees if they were to get sick or injured while they’re on the job.
Workers’ comp can step in to cover a wide range of injury-related expenses. This includes emergency medical expenses and wage replacement. This means that employees can still receive a paycheck even if they’re not coming to work due to the injury.
While there are some limitations to this kind of insurance policy, it can have a massive impact on your business. The policy itself gives your employees peace of mind while they’re at work.
At the same time, this insurance policy acts as a protector for your company finances. Since the policy will cover emergency medical expenses, your business doesn’t have to. This can end up being a massive saving for your business and can help ensure that your business stays open.
The Purpose of Workers’ Compensation Insurance
Workers’ comp insurance is designed to protect employees and employers. The policy has tons of benefits to put everyone’s mind at ease. In simple terms, this policy steps in to cover all medical expenses related to a workplace injury.
Additionally, the policy can help with wage replacement so that employees at home can still get paid. This is a massive financial relief for businesses. Since you don’t have to cover medical expenses and don’t have to pay wages for that employee while they’re at home, you can hire a temporary replacement.
This saving directly translates to keeping your business running. There are additional benefits to taking workers’ compensation insurance. These benefits include legal protection and even a death benefit.
However, the underlying purpose of the policy remains to protect the employee and business. This ensures that everyone is safe and the business is still there when the employee recovers. This protects everyone’s health while preserving their livelihood.
What’s Covered with Workers’ Comp?
When you’re considering workers’ comp insurance, it’s important to understand exactly what’s covered. Not all injuries are covered, so it’s vital to read the fine print before you sign anything.
The first thing that you should know is that workers’ comp covers both full-time and part-time employees. This means that your business is protected regardless of what employee gets injured. It’s important to upload and update employee information so that your policy is always accurate.
Workers’ compensation insurance will step in for any work-related injury. These injuries range from common slips to major malfunctions on site. If the injury is directly related to the workplace or working environment, workers’ compensation insurance will cover it.
To give you a good idea of the kinds of injuries that are covered, here’s a short list of the most common ones.
- Slips and falls
- Sprains and strains
- Cuts and lacerations
- Fractures
- Bruises and contusions
- Burns
- Back injuries
- Eye injuries
- Carpal tunnel syndrome
- Repetitive strain syndrome
- Stress-related injuries
It’s important to note that stress-related injuries are covered in modern workers’ comp policies. These injuries are not as obvious as a cut but should never be ignored. Workplace stress can lead to mental health conditions like depression and anxiety.
This is why it’s so important to spot and treat these injuries in the same way that you would react to a fracture or burn.
What’s Not Covered with Workers’ Comp?
When it comes to insurance, it’s often better to look at the injuries that are not covered to get a good idea of the coverage. In the case of workers’ comp insurance, there are a few injuries that are not covered at all.
Self-inflicted injuries can occur from time to time. This is when an employee deliberately injures themselves by starting a fight or attempting to hurt others. The same goes for any injuries that are picked up outside of work.
If a worker is under the influence of alcohol or drugs, the injury will not be covered. This is because they are putting themselves in harm’s way deliberately. The same goes for any employee that is violating company policy and gets injured as a result of that.
This can be seen as self-inflicted and won’t be covered by workers’ comp. If an employee already has pre-existing conditions, only work-related stress will be covered by workers’ comp. The pre-existing condition will not.
Independent contractors are not part of your official workforce and will not enjoy the benefits of workers’ comp. They will need to take their own insurance policy to cover injuries on the job.
Lastly, acts of God are not covered by workers’ insurance. This includes injuries that are related to unforeseen circumstances like natural disasters or weather conditions that don’t come with fair warnings.
What Are the Benefits of Workers’ Comp?
There are a ton of benefits that come with workers’ comp insurance. While we have touched on a few of these benefits before, it’s important to grasp how businesses and employees can benefit from this kind of insurance policy. This is why we have broken all the benefits down so that you can see exactly what benefits the employees and what benefits the business.
Benefits of Workers’ Comp for Employees
Employees should actively seek out jobs that offer workers’ comp insurance. This is because of the massive benefits that come with this insurance policy. To get a better idea of these benefits, here’s a quick guide on them.
1. Instant Medical Expenses
When you get injured on the job, the first thing that you need is medical attention. However, emergency medical care will leave you with a massive bill that someone needs to pay. In most cases, the business will step in to cover this cost since it happened at work.
Workers’ compensation insurance acts as a buffer so that you never have to worry if the business has the money to cover the expenses. You don’t even need to fight for anyone to pay or stress about the bill. Instead, you can just focus on your recovery while workers’ comp sorts out the bill.
2. Wage Replacement
When you’re injured, you’re going to need to take some time off to recover. Depending on the nature of your injury, this can leave you without pay for weeks or even months. However, workers’ comp can help with wage replacement.
In this way, workers’ comp will help cover part or even your entire salary while you’re at home recovering. This takes financial stress of you and the business. Since the business doesn’t need to pay you, they can hire a temporary worker to keep the business running.
Additionally, you don’t need to stress about missing payments or bills. All you need to do is focus on your rehabilitation and recovery.
3. Rehabilitation Services
Rehabilitation may be required for serious injuries. However, these costs are incredibly expensive and aren’t always covered by health insurance. Workers’ comp understands this and will help cover these costs.
This provides you with the best treatment available to make a speedy recovery.
4. Legal Representation
Workers’ comp insurance will also offer you legal cover and representation. If your employer ever retaliates against you or does anything illegal during the injury process, you can file a lawsuit against them.
Workers’ comp is there to support you to make sure that you’re always protected.
5. Death Benefits
In the event that you pass away because of workplace injuries, workers’ comp also comes with a death benefit. While not all workers’ comp policies have this, the death benefit is incredibly important.
This benefit simply states that your family or loved ones will receive a payment in the event that you pass away. This is essential if you’re the breadwinner and want to make sure that your family will be taken care of.
Benefits of Workers’ Comp for Businesses
If you want to understand why businesses would choose to pay for workers’ comp insurance, you should look at how it benefits them. Workers’ comp can help protect them both legally and financially. Here’s a quick rundown of the benefits of workers’ comp for businesses.
1. Legal Protection
Workers’ compensation insurance offers legal protection for the business. This can help protect your business from lawsuits that may stem from the workplace injury. While this is not ideal, the added protection can help save your business from major headaches.
You can also get workers’ comp insurance if your business doesn’t have employees. This is because the policy still protects you against financial loss due to accidents or injuries.
2. Control Personal Injury Costs
Personal injuries can range from a small cut to broken bones. This means that medical costs can also range. Even the smallest of injuries can cost your business tens of thousands of dollars.
This is enough of a financial hit to put some companies out of business. In this way, workers’ comp can step in to save your business financially. By controlling personal injury costs and claims, your business can continue to run as normal.
This protects the business and makes sure that everyone gets to keep their job. Better yet, it ensures that your injured employee has a job to return to when they recover.
3. Employee Retention
When you offer workers’ comp insurance, you tell your employee that you care about their safety and well-being. This gives you an advantage over other businesses that may not offer workers’ comp.
In this way, you can improve your employee retention rates and enjoy the benefits that come along with it.
4. Regulatory Compliance
In some states, workers’ compensation insurance is mandatory. This is because the state understands the benefits of this kind of policy and wants all employees and businesses to be covered.
Accidents happen, even when nobody is at fault. This is why various state governments have stepped in to make it mandatory.
5. Workplace Safety
Getting workers’ comp insurance is a major step in improving workplace safety. This is because it adds a layer of protection for your workforce and your entire working environment. Since employees know that they’re safe, they’re able to work to the best of their abilities without fear.
The Importance of Workers’ Comp
As you can see, there are tons of benefits that come with workers’ comp insurance. These benefits are not just for employees, they are also there for businesses. Here’s a deeper look at why businesses and employees should prioritize workers’ comp insurance.
Why Businesses Should Consider Workers Insurance
As a business, you want to ensure that your workers are always protected. This gives them the confidence they need to do their job effectively. When employees know that they’re safe, they can improve overall productivity.
While this is a major benefit of workers’ comp, this insurance policy can also help your business financially. This is because the insurance will step in to cover medical expenses for your injured employee.
Medical expenses are nothing to ignore. Even the shortest trip to the hospital can cost you thousands of dollars. This can put a major strain on your business finances and even threaten the livelihood of other employees.
This is why it’s so important to have workers’ insurance. Having this kind of insurance policy will make sure that your employee’s medical expenses are covered. Additionally, your business will remain protected so that it can continue to operate and grow.
Why Employees Should Prioritize Workers Insurance
When you sign your job contract, you assume that your working environment is going to be safe. However, this is not always the case. While there are some businesses that are terrible and don’t care about their employees, sometimes things happen that are out of anyone’s control.
Accidents can happen at any time and cause personal injuries to multiple people. This can range from a simple slip and fall to a vehicle malfunction. This is why you should always consider working for a business that is covered by workers comp insurance.
Whether your employer covers the insurance or they take it out of your paycheck, workers comp is essential. This cover will give you the peace of mind to do your job to the best of your ability.
Since you know that you’re covered, you don’t have to stress about losing income if you get injured on the job. In this way, workers’ comp is there for you and everyone that depends on you at home.
When looking for jobs, ask about workers’ comp insurance. If you’re deciding between two job opportunities, this could make the difference. Working for a company that values workers’ comp shows that they care about their employees’ wellbeing.
The Cost of Workers’ Comp Insurance
Workers’ compensation insurance is often ignored as an additional cost for businesses to carry. However, this is not the case. You can think of workers’ comp as an investment in your workforce to keep them safe.
This is how you should approach the costs that come with workers’ comp insurance. When you take a closer look at the costs, you’ll notice that your policy is tailored to your business. This means that the premium you pay is specifically curated for your company.
When this premium is calculated, a variety of factors are taken into consideration. These factors include the size of your business, the nature of your operations, the kind of cover you want, and the risk associated with your workforce. This is why risk assessments are used to accurately figure out the best policy for you.
If you think about it, the tailored approach makes sense. For businesses that are completely run in an office, there’s no need to pay for vehicle injury cover. This is because your business doesn’t operate any machinery and doesn’t carry that risk.
In this way, the cost of workers’ comp is accurate to your business and your individual needs.
How To Get Workers’ Comp
Some insurance companies will make you jump through hoops to get a price out of them. In some cases, they may even want to inspect your facility and do their own risk assessment first. However, National Workmans Comp Solutions offers a far better experience.
National Workmans Comp Solutions understands how businesses work and know exactly how to estimate your cover accurately. This is not a wild guess or speculation, we use data and experience to guide all quotes. This enables you to visit our website and get an instant quote online.
Once you’re happy with your quote, you can proceed and get enrolled. Our enrollment specialists will walk you through the entire process. This includes explaining every last detail so that you know exactly what your policy covers.
Employee data can then be captured so that everything is updated accurately. After completing all the forms, you should be all set in 24 hours. This makes it the easiest and most effortless way to get covered.
You will also be given a certificate as proof of coverage. In some cases, you can get the certificate before the end of the day!
Frequently Asked Questions
Workers’ comp insurance is essential for businesses and employees. If you still have a few questions about this insurance policy, we’ve got you covered. Here’s a quick look at the most frequently asked questions.
1. What Is Workers’ Comp Insurance?
Workers’ comp insurance is a dedicated insurance policy that’s designed to protect against workplace injuries. This policy is designed to protect both employers and employees at the same time. The specifics of your policy can vary, but most include wage protection, immediate medical expenses, and legal protection.
2. Does Workers’ Comp Cover All Injuries?
Workers’ comp covers a wide range of injuries and all work-related injuries. The only time workers’ comp won’t cover your injury is if you already had the illness or injury before you started working at the company. The same goes for acts of God that are out of anyone’s control.
3. Do I Still Get a Salary When I’m Injured?
Workers’ comp can vary from policy to policy. However, it’s possible to include wage protection as part of the policy. This means that you can continue to get paid even when you’re injured and can’t come to work.
4. Does Workers’ Comp Cover Legal Costs?
Workers’ comp can come in handy to cover legal costs for both employees and employers. If your employer is retaliating against you after you’re injured, workers’ comp can help you with legal protection.
The same protection applies to businesses that have employees take legal action against them.
5. How Much Does Workers’ Comp Cost?
Workers’ comp can vary in cost from policy to policy. The actual cost is dependent on a number of factors. This includes the nature of your business and the risks associated with your workforce. These factors are all taken into consideration before a premium is set for your business.
While some insurance companies are incredibly expensive, National Workmans Comp Solutions offers solutions for as little as $8 per week per employee.
Protect Your Employees with Workers’ Comp
Workers’ comp insurance is designed to protect both businesses and employees. This is why employees actively seek out employment opportunities that come with workers’ comp cover. Workers understand the need for this cover as injuries can happen at any time.
On the other hand, businesses can benefit from the added protection. This will ensure that your employees are taken care of while your business continues to operate.
If you’re ready to invest in workers’ comp for your business, visit our website today. Contact us today for any questions or queries you may have.
