Workers’ compensation is an insurance policy that provides financial benefits to employees who suffer physical or psychological injuries due to work-related incidents. It can also provide coverage for illness caused by the job, death benefits, and reimbursement for medical expenses related to the injury. In this blog, we will discuss the basics of workers’ compensation and how it works.
What is Covered?
Workers’ compensation covers most types of workplace injuries and illnesses, regardless of who is at fault. This includes injuries sustained in a single incident as well as those that develop over time due to repetitive motions or exposure to hazardous materials. It also covers mental health conditions such as anxiety or depression caused by job stress.
How Does it Work?
In most cases, employers are required by law to provide workers’ compensation coverage for their employees. If an employee is injured on the job, they must report the injury to their employer within a certain amount of time (this varies from state to state). The employer will then file a claim with their insurer, which will review the case and decide whether or not to approve the claim and provide benefits. Depending on the severity of the injury, those benefits may include lost wages while recovering from the injury, payment for any medical expenses related to it, vocational rehabilitation services if necessary, and death benefits in some cases.
Who Pays for Workers’ Compensation?
The employer pays premiums for workers’ compensation coverage through an insurance provider; however, there may be other parties involved depending on what type of business you own. For example, independent contractors may need their own workers’ compensation policies if they work in certain industries; likewise subcontractors may need separate policies depending on their working arrangements with employers. Additionally, some states require businesses with multiple owners or partners to purchase additional coverage in order to cover all shareholders or partners should an accident occur at work.
Workers’ Compensation Attorney in Louisville, KY
Workers’ compensation provides financial protection for employees who suffer injuries or illnesses due to work-related incidents or conditions. Employers are required by law in most states to carry this type of insurance coverage for their employees; however there may be other parties involved depending on what type of business you own and who works for you (such as independent contractors). If you have any questions about your responsibility when it comes providing workers’ comp coverage for your employees and subcontractors, contact Kaiman and Crahan today!