What is Workers Compensation Insurance?
Thousands of employees contract work-related illnesses and sustain work-related injuries every year, and many of these illnesses and injuries are significant. Lots require medical treatment, and some prove to be fatal. Workers compensation insurance is a form of insurance that helps both employees who suffer work-related illnesses or injuries, and their employers.
Employers can often be held responsible for illnesses and injuries that employees suffer while on the job. In many cases, an employer may be asked to both cover an employee’s medical bills and provide compensation for the employee’s lost wages. These are expenses that could significantly hurt most business’ finances, with serious illnesses and injuries possibly bankrupting some businesses.
Workers compensation insurance helps businesses prepare for this potential risk. The insurance offers coverage for employees who become ill or injured while at work, usually covering both medical bills and a portion of wages that are lost due to the illness or injury.
In providing coverage for ill or injured employees, workers comp insurance serves the interests of both employees and employers. Employees don’t need to worry about whether they’ll be fairly compensated if they suffer a work-related illness or injury, and employers don’t have to worry about an illness or injury bankrupting their business.