In a recent year, workplace injuries affected hundreds of employees and cost U.S. companies more than $110 billion. Odds are, your firm will ultimately have to endure a workplace injury which means that you will also have to handle a Workers Compensation claim.
In return for compensating employees who necessitate medical treatment or who miss work caused by a workplace injury, employers avoid potentially costly lawsuits. That is what your premiums pay for. Workers Compensation also protects employees who might not be able to support themselves or their families due to a work-related injury. Workers Comp hinges on a ?no fault? rule that provides benefits no matter who is accountable for a workplace injury.There are exceptions, however, for employees who hurt themselves as a result of reckless behavior or drug or alcohol abuse. Additionally, employees who cause self-inflicted injuries, or injure themselves while off-duty or while engaged in a criminal act, usually do not be able to get benefits. State laws vary to what kinds of activities are ?covered? under Workers Compensation.
Laws pertaining to what types of employees get Workers Comp benefits:
Some states don?t include Contractors and Consultants, volunteer workers, farm workers, domestic servants, etc. States also use different rules about whether part-time employees be qualified for benefits. All states excluding Texas require employers to have Workers Comp. There are various state rules regarding how much coverage a firm must buy, what percentage of an injured employee?s wages a firm need to pay if they can?t seem to work, and how long a firm must cover an injured employee. Some policies include liability insurance that protects employers against getting sued related to a workplace death or injury.
Many states perform ?Funds? or insurance pools for firms that cannot obtain affordable coverage in the open market including those with poor safety records or a long status for Workers Comp claims and even some companies with a low credit score. Some states allow some kinds of firms to self-insure if they have the financial resources to pay for potential claims. Being an employer, if an injury occurs, you need to immediately file a Workers Compensation claim. Your insurance carrier will then notify the appropriate state agency. Typically a claims adjuster reviews cases to know a claims validity and what benefits the injured worker should get. State agencies together with private insurers also investigate possible insurance fraud and keep detailed statistics on workplace injuries and compensation claims.
Ultimately what?s your value of Workers Comp? That might be dependent traditionally on your own hiring procedures, Human Resources, and your own company?s commitment to safety.
If you?re a small business owner and you?re looking to get answers to your questions about Workers Comp then you?ve come to the right place, visit GA Workers Comp Insurance for more information.
Tags: GA Workers Comp Insurance, insurance
Source: http://www.loan-insurance-mortgage.com/2012/02/20/the-real-value-of-workers-comp-insurance/
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