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Working Safe: The Ultimate Guide to Workers Compensation

October 1, 2021 by BPM Team

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Workers compensation is an important part of running a business. Without it, you would be liable for injuries that occur to your employees on the job. This blog post will provide you with all the information you need about what workers compensation is and its benefits.

What is workers compensation?

Workers compensation is an insurance program that provides benefits to your employees in an accident or injury while they are working for you. You can protect yourself, your business and most importantly, your employees with this type of coverage. In addition, workers compensation is considered “no-fault”, meaning it doesn’t matter who was at fault for the accident; workers comp will cover medical bills and lost wages regardless.

In addition, if someone passes away from their injuries, their family may also be entitled to the benefits that would come out of workers compensation funds. The Charlotte NC workers compensation attorneys can help you determine your business needs and how best to protect yourself.

What does workers compensation pay?

Workers’ comp pays all reasonable expenses associated with treating work-related injuries, including doctors visits, hospital stays (including therapy), prescriptions, medicine, surgeries etc. It also covers any permanent disability or disfigurement that results from the injury. In addition, if an employee cannot work due to their injuries, workers comp will cover any lost wages up to a certain limit.

Workers comp is something that you need to operate your business legally. You may be required by law, depending on the type of industry you are in and where you’re located. Still, even if there aren’t laws requiring it, most businesses opt into this insurance program because they have employees who could get injured while doing their job duties. 

Employees also pay into these funds through deductions from their salaries, usually between 0.25% – 0.75% (some states do not allow employers to take money out of their employees’ paychecks for this fund, so you may have to pay them directly.)

What are the benefits of workers compensation for the worker?

1. It provides a sense of security to employees

Provides a sense of security to workers because they know that in the event of an accident while on the job, their medical bills will be paid, and they won’t need to worry about losing income or having debts pile up.

2. It’s less expensive than taking a company to court

It is less costly for workers because they won’t need to hire an attorney and go through the trouble of filing a personal injury claim against their employer. This way, all medical bills will be covered, and that expense is taken care of in one fell swoop rather than having to wait months or years while it goes through civil litigation.

3. It’s less stressful than handling a personal injury claim

Workers compensation is much easier and more convenient for employees because they don’t need to deal with the stress of filing an insurance claim or hiring legal representation for something like a Sedgwick workers comp claim settlement. Your company covers it, so all that needs to be done is going through the proper channels.

4. It covers some permanent disabilities

Permanent disability is covered by workers comp. If you lose a limb or your eyesight while on the job, this insurance will cover that loss and compensate for it. It’s not much, but at least there’s something to help with costs of living which can be very high when one has to get prosthetic limbs, learn how to walk again etc.

5. It’s very fast

The process of filing a workers’ compensation claim is much quicker than trying to pursue an injury case through civil court. It takes about 30 days for most claims to be processed and approved, which means you’ll have money coming in within that time frame. 

You may also like: What is Workers’ Compensation Insurance?

Image source: Dreamstime.com

Filed Under: Employees, Insurance, Legal Tagged With: employees, insurance, legal tips, work compensation

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