Workers' Compensation Insurance...Who Needs It?
The common understanding of workers' compensation insurance is coverage that provides financial assistance for employees, in case of a work-related injury. And this is the biggest benefit of workers' compensation Insurance; assurance for injured employees that their medical costs and a portion of their salaries will be taken care of while they recover.
Many business owners, however, in their eagerness to avoid the extra cost that this coverage represents, miss one important point of workers' compensation Insurance; it protects them, as well.
While specifics will vary from state to state, check with your state department of insurance for your area’s requirements, many laws concerning workers' compensation insurance protect the business in question from being sued by the injured employee for benefits beyond what the policy provides.
Even in states where employers aren’t required to offer workers' compensation insurance, Texas is one example, they may find their opportunities limited if they don’t have it; some potential clients may require small businesses or contractors that they work with to carry workers' compensation for their employees.
Injuries and conditions typically covered by workers' compensation Insurance:
On the job injuries
Repetitive motion conditions like carpal tunnel
Work-related lung and breathing issues
Medical and rehabilitation costs for work-related health issues
On the job death or dismemberment
Income replacement for the injured employee is also generally a standard component of workers' compensation insurance, and lawsuit protection for employers can be, as well.
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