Understanding the basic coverage of workers’ compensation insurance.
If you’re a business owner, you may be overwhelmed with the insurance policies you need. From protecting your business’s property to safeguarding your employees, everything should be covered so that you can focus on building your company. An insurance coverage that is non-negotiable is workers’ compensation. The law requires employers to have this coverage even if they have only one employee. Out-of-state employers may need workers’ compensation coverage if an employee is regularly employed, or if a contract of employment is entered.
Workers’ Compensation 101
If an employee gets hurt on the job, the employer is required by law to pay for workers’ compensation benefits. Whether a member of staff is injured in a single event (such as slipping and falling on a wet floor or getting into an auto accident while making deliveries) or repeated exposure to repetitive-motion injuries at work, the employer can be held responsible.
A workers’ compensation insurance policy is part of your cost of doing business, so no employee has to pay for the policy. As a business owner, you must post the notice to employees poster at work where employees will be able to see it. This notice details information about workers’ compensation coverage and where to find medical care for work injuries.
Fall Into Your Safety Net
If your employees get sick or hurt on the job, you may need to follow this standard procedure:
- Provide a workers’ compensation claim for them within one working day after the work-related injury or illness is reported.
- Return a copy of the completed form to the employee within one working day of receipt.
- Forward the claim form and your report of occupational injury or illness to the claims administrator within one working day.
- Within one working day of receiving the employee’s claim, authorize up to $10,000 for appropriate medical treatment.
- Provide transitional work that is light duty whenever necessary to keep the injured employee in the loop.
- If the employee is the victim of a crime that happened at work, you must give notice of workers’ compensation eligibility within one working day of the crime.
To prevent your employees from getting hurt at work, be sure to follow proper safety procedures and supply them with any safety tools or education. In addition to protecting your employees, safeguard your business with reliable workers’ compensation insurance. Contact our knowledgeable team at Stromsoe Insurance Agency for all of your personal and business insurance coverage needs.