Select your worker compensation insurance wisely
Worker’s compensation is an insurance policy which protects employees if they have become injured or sick while carrying out the duties of a job. This insurance policy can also pay damages to a worker’s family if the worker is unable to return to work for a long term or suffer a fatal injury. Worker’s compensation does not just cover medical costs. It also offers income replacement for the injured workers due to an on the job injury or an accident. Every state has its own worker’s compensation rules and guidelines, and the state laws control an employer’s responsibility to its workers.
The following tips will help you choose the right workers compensation policy.
Choose a competent insurance agent
Selecting a proper insurance agent, one who has knowledge, understanding and experience of worker compensation process is very important. The agent will be a connecting link between your company and the insurance carrier. You will benefit from counseling to take steps to keep your premiums as low as possible.
Know the basics of workers compensation insurance
You will be able to get a good deal if you know the basic facets of worker’s compensation. It covers diseases incurred at work, and bodily injuries in accidents. But any heath issues resulting from criminal acts, self-inflicted wounds and suicide are not covered. Next, this type of insurance also covers the company from civil liability claims. They include third-party claims. For example – claims filed by an employee’s family member or injury or death.
Learn your state’s requirements
It is imperative you know what your state’s requirements or rules are in reference to your compensation case. Your insurance agency is the right source for knowing the rules and regulations of your state. In case you are planning to move or expand to another state or you manage a multi-state company, make sure you are in compliance. Make sure your insurance agent is knowledgeable and experienced enough in out-of-state policies.
The workers’ compensation coverage is available from many sources and your choice of an insurance company will help you in accessing the best worker compensation plan.