Workers compensation Insurance is a coverage that will compensate employees who work for an insured company. The company will give compensation when the employee experiences injury because of work. Before choosing insurance for your workers, learn more about the insurance itself.
If an employee of a company experiences injury during the course of work, the compensation insurance is going to provide medical benefits and wage replacement to that employee. The goal of this insurance is to help society, the employer, and the employee as a whole.
The employee will get coverage if he must miss work because of injury or sickness. The insurance will also protect the employer from time-consuming and potentially costly litigation. Workers compensation insurance is crucial insurance that will protect everyone.
Workers Compensation Insurance Benefits
This compensation insurance is covering many aspects. The policies will cover funeral or burial costs in case of death, vocational rehabilitation, lost wages, and medical expenses. There are at least four types of benefits that most compensation policies provide.
1. Medical Benefits
The policy is going to cover the costs that are related to treatment for illnesses or injuries. Usually, this includes doctor and hospital visits, physical therapy, medications, and medical equipment like wheelchairs and crutches. But some state laws may limit the types of care.
For example, some state laws limit chiropractic visits to 24 total visits. If the employee is looking for a more modern treatment, he needs to check the treatment’s policy. It is because the workers compensation insurance coverage may be different from one state to another.
2. Disability Benefits
Disability benefits will replace some of the wages that an employee may lose as a result of the injury and missed work. Depending upon the injury type and the effect it has on the ability to work for the employee, at least there are four different types of insurance disability benefits.
Temporary total disability
This disability pay is going to be available when an employee is entirely unable to work for a short-term recovery period. Usually, an employee may expect benefits of about two-thirds or 66.67% of the weekly income.
Temporary partial disability
This workers compensation insurance is a disability pay that is available when an employee becomes partly unable to work, especially during a short-term recovery period. An employee will receive benefits that the amount is between the worker’s role before the injury and the new role.
Permanent total disability
This workers compensation insurance is available when an employee becomes entirely unable to work in the same working line because of a lasting illness or injury. An employee is going to expect the benefits to be 66.67% of his average weekly wage until retirement or death.
Permanent partial disability
This workers compensation insurance will be available when an employee becomes permanently prevented from earning as much money as before because of any work-related illness or injury.
Rehabilitation is another advantage of workers compensation insurance. An employee whose illness or injury caused permanent but partial disability may get the benefits of vocational rehabilitation. Another name for this benefit is supplemental job displacement.
The money that the employee gets is to retrain or train the employee so that he can work in his new capacity. Oftentimes, employers can make the benefits of rehabilitation become obsolete by offering a suitable modified, alternative, or regular work available within 30 to 60 days.
The statutory period will start from the time that the employee is experiencing a permanent partial disability. If not, workers compensation insurance rehabilitation benefit will cover the return process of the disabled employee to the workforce.
4. Death Benefits
The amounts and eligibility of receivable benefits are different by state. But the partial and total dependents of the deceased employee may obtain death benefits through this workers compensation insurance, as long as the death resulted from illness or injury related to work.
Best Workers Compensation Insurance
In the US, especially Mexico, there are many companies known as providers of compensation insurance. If you are now looking for the right one to protect your employees, below are some recommendations to consider.
1. The Hartford
This insurer is based in Connecticut and started the organization in 1810. Hartford is now the biggest provider of insurance for small businesses in the US. There are some pros offered by Hartford. First, it has standard coverages that are more comprehensive compared to competitors’.
Two other excellent things about Hartford insurance policies include a strong company reputation and track record. The insurer also allows you to get special prices and discount opportunities which means the premium payments will be more accurate and fair.
This one is also a workers compensation insurance company that is perfect for small businesses. The company is founded in 1937 and now is the most notable one in the US. Through the Advantage Business Program, this company is trying to protect the workers of small businesses.
The Advantage program of Progressive allows you to get competitive pricing. It will also give you access to various forms of commercial coverage. Progressive is also offering a policies package that is tailored for contractors. The company also has a good customer reputation and financial strength.
3. Next Insurance
This one is the youngest company in workers compensation insurance compared to the other two above. Next Insurance is an insurance company that is technologically proficient and accessible on the market. Detailed and straightforward resources on the website of the company are it’s another advantage.
The official website of Next Insurance connects the company’s clients with claims reporting, rapid customer service, and other account aspects. This is great since compensation insurance usually requires a quick response and immediate action.
Many workers compensation insurance companies are available in the US. But three of them are more recommended than the others. If you have a small business and are now looking for the right insurance company, consider the three options above.
Before purchasing an insurance policy for your employees, make sure that you learn about the benefits everyone will get with the help of compensation insurance.