What Is Workers’ Compensation Insurance?
Workers’ compensation insurance is a type of business insurance policy that provides benefits to employees if they suffer work-related illnesses or injuries. Workers’ compensation benefits typically include coverage for paying for medical care and lost wages from time missed from work.
Employers also benefit from workers’ compensation insurance, as it can help protect your business from lawsuits and help keep it in line with state rules.
What Are Workers’ Compensation Benefits?
Workers’ compensation may provide various benefits to employees who experience an injury or illness, including:
- Medical benefits—Employees may receive compensation to cover doctor appointments, hospital visits and medications.
- Wage-loss benefits—If an employee cannot return to work at total capacity, wage-loss benefits may help them supplement their lost income. This benefit may last until the employee has recovered or until the wage-loss benefit limit has been reached.
- Vocational rehabilitation benefits—Employees may receive access to vocational rehab services to help them learn new skills and reenter the workforce after an injury.
- Death/dependent benefits—If an employee loses their life because of a work-related injury or illness, workers’ compensation may help cover funeral costs and lost income. These benefits are typically provided to the spouse or dependents of the deceased.
In California, workers’ compensation is required by law once you have employees. Benefit limits and duration are set by state rules. Reach out to an agent to discuss specific requirements for your business.
How to Get Workers’ Compensation
We’re ready to help you secure workers’ compensation coverage for your business. Contact Client Benefit Insurance Services, Inc. today for more information or a quote.
Not sure what else your business may need? See our guide, what insurance does my business need?