When a worker is injured, you need coverage that helps your valued employee meet his or her medical bills, as well as any lost time. And you’ll want to do this in a manner that is timely, compassionate, and affordable.

Benefits for a workers’ compensation package include medical treatment for workers who are injured in the course of employment, or who develop an occupational disease related to their work. Workers who are no longer able to work may be eligible for partial wage replacement.

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Workers Compensation/Workers Comp Insurance

Caring for the safety of your employees is an important part of your business. That’s why workers compensation coverage is a vital safeguard that provides security for you and your employees in the event of an injury. Workers compensation insurance, also known as workers comp insurance, is different from Employee Benefits Coverage. It is lawfully mandated, compulsory coverage for various businesses. It is primarily used for medical costs or for portions of lost wages when a worker has suffered an injury or illness while working. It also provides your business with protection against lawsuits filed by an employee regarding working conditions that may create an unsafe environment.

Who Needs Workers Comp Insurance?

Workers comp coverage is lawfully mandated by nearly all U.S. states. It compensates for lost wages or medical needs that result because of employee work-related injury or illness. In addition, it will cover services required for an employee’s recovery and subsequent return to the job. State laws are meant to ensure that an employer pays part of the costs of injury, as well as -in certain circumstances- work-related disease suffered by any employee during their work.

Let’s Start with the Basics

Workers compensation insurance will generally only cover an injury or illness that occurs while the employee is performing duties pertaining to his or her occupation, or while working. Injuries covered by workers comp insurance can include an injury from lifting heavy equipment, a slip caused by slick surfaces, or injuries resulting from fire or an explosion.

Workers comp varies from state to state. It doesn’t always cover non-business-related injuries, such as those that may happen while an employee isn’t performing duties related to work. Ex: when an employee is hurt during a round of golf with friends on a day off.

Workers compensation is an auditable policy; meaning that the first premium is predicated on the employer’s estimate for payroll during a forthcoming policy period. When the period ends, an audit is conducted to make certain the premium mirrors the true payroll total. Governing bodies require that policies undergo audits to make sure employers pay for realistic potential threats of exposure. In the process of an audit, the policyholder can be faced with a possible increase in premium or receive a  premium refund.

Also, the payroll reported on a business’ existing coverage might undergo adjustment, in order to sync with the most recent information.

Snyder Insurance agents are ready to help you understand workers comp insurance, your business’ legal obligations, and to learn what type and how much coverage you need to protect your business and your employees. Call (630) 960-4848 or CLICK HERE to request a quote.