Commercial Businesses Need Insurance, Too

Employers strive to ensure their workplaces are safe. However, accidents can still happen. Workers' compensation insurance provides coverage if an employee gets injured at work. 

The laws of each state determine the specifics of a workers' compensation policy. Although no two states have the same rules, here are some of the common risks covered in workers' compensation insurance.

Medical Expenses 

When an employee suffers a work-related injury, workers' compensation insurance pays for the medical expenses. For example, if one of your workers suffers an injury while operating heavy machinery at your manufacturing plant, you won't have to worry about their medical care. 

The medical expenses covered include nursing care, medication, and surgical costs. Equipment such as wheelchairs and walkers are also included as part of the medical expenses. Also, if treatment requires your injured employee to travel out of state, the medical coverage will include the traveling expenses. 

It is important to note that injuries outside the workplace are not covered here. For instance, workers' compensation will not cover an accident your employee suffered at home or outside work premises.  

Lost Wages 

After an injury, an employee may need time off to recover. Workers' compensation insurance helps make up for the lost wages.

Say you own a painting company. One of your employees slips and falls from a stepladder while painting a customer's house, so they can't work for weeks due to their injuries. Workers' compensation insurance will pay for the wages they lose when they don't work.

The following factors determine how much money an employee receives:

• The severity of the accident
• The employee's state of residence

Speak to a commercial insurance agent to understand the extent to which your coverage can help compensate you.

Death

If an employee loses their life from a work-related accident, workers' compensation insurance will cover the funeral expenses. 

The coverage also provides financial support to the beneficiaries of the deceased person. The beneficiaries that get priority are spouses and children. Other beneficiaries may include elderly live-in relatives and grandchildren of the employee. 

In some states, beneficiaries must meet specific eligibility requirements before getting compensated. One condition is that the spouse should be legally married to the deceased. Also, children need to be under 18 years of age to be eligible. But those who enroll as full-time students in credited colleges continue to receive death benefits until age 25. 

Remember that laws in each state vary. But a worker's compensation lawyer can help you understand the laws in your state to be ready in case one of your workers suffers an injury at the workplace. They can work in conjunction with a workers' compensation insurance company like Contractors Insurance to help you as best they can.