Worker's Compensation Insurance

Worker's Compensation Insurance

The unexpected loss of an employee to illness or injury can be devastating for a business as well as the individual. That’s where worker's compensation insurance can be beneficial in helping companies cover a worker’s medical expenses, lost wages, and more. It’s a benefit that shows the value a business places on its employees while also protecting their bottom line. Worker's comp isn’t just for businesses like construction companies where employees are at high risk for physical injury. Workers in “safer” jobs and environments are still in danger of suffering stress-related injuries, having minor accidents, and other less apparent risks. Worker's compensation insurance is critical for so many businesses that many states require companies to have some amount of coverage with severe penalties for non-compliance once they reach a threshold of employees. If you’re unsure about your state’s laws surrounding worker's comp, or if you have other questions about building a policy, request a free consultation using the LaunchPad quote tool and find the coverage you need at an affordable price.

What does worker's compensation insurance cover?

Many may find worker's compensation to be a surprisingly broad form of insurance. The overall goal of coverage is to minimize the financial impact of a covered event for both a business and its employees. Worker's comp can potentially cover:

• Medical payments related to illness or injury
• Replacement of lost wages during recovery
• Disability benefits
• Funerals and other costs in the event of death
• Legal fees related to worker’s compensation claims
• And more

What isn’t covered by worker's comp?

Details of what is or isn’t covered by a worker's comp plan can differ depending on the insurance provider. But in many standard cases, worker's compensation insurance does not include coverage for:

• Intentionally sustained injuries
• Incidents related to intoxication or drug use
• Injuries that did not occur while on the job
• Incidents caused by behavior violating the law or company policy

Naturally, the best-case scenario is to not have employees get injured or fall ill on the job at all. That’s why many worker's comp carriers include risk management training and other consultative services that can help businesses avoid claims to keep production high and premiums low. To find a qualified worker's compensation insurance provider for your business, fill out our quote request form today. We’ll find your best provider match in our commercial insurance network so you can get a policy tailored to the needs of your business and your employees.