Generally speaking, most Massachusetts business owners cannot get out of purchasing workers compensation. Whether you have one employee or 100, workers comp is a necessity. This week, we would like to discuss a few of the coverage benefits of workers compensation. Soon, you will see just how valuable this policy is!
First, a workers’ compensation policy is designed to provide benefits to employees for job-related injuries, illness or deaths mandated by state law in states where employees live and are hired. The policy will include coverage for: death benefits, medical expenses, loss income, rehabilitation benefits and transportation expenses.
To go further in depth, this policy will pay temporary total disability benefits, which is essentially a percentage of the injured workers’ average weekly earnings, subject to a weekly maximum and weekly minimum at a specified percentage after a mandatory waiting period which may be recoverable after a specified period of time.
Also, the injured employee will receive payments for permanent disability which for permanent total disability will continue at the same rate as temporary total disability payments for life and are often settled for a lump sum amount.
Cost to evaluate eligibility for vocational retraining and subsequent retraining costs are also covered.
When it comes to death benefits, they are payable directly to the spouse and at specified amounts for a child or children which is to be placed in a trust at the court’s decision.
Workers compensation is also designed to protect against a variety of common law exposures for claims not covered by workers comp. This includes protection up to the maximum limit you purchase for third party claims against you for liability (due to an injury to your employee), consequential bodily injury to spouse, child, brother, sister or even parent of your injured employee and damages for care and loss of services.
As you can see, workers compensation is designed to protect you from a great deal of possibilities and exposures. For more information, you should contact our experts at Wolpert Insurance. We would be delighted to answer any questions you may have or provide you with a free quote.