This policy protects employers against lawsuits by employees who have suffered an injury or illness due to negligence on the part of their employer.
Workers’ compensation insurance is an essential form of protection for businesses and employees. It provides coverage to workers who are injured on the job or suffer from a workplace illness, and it offers peace of mind to employers that they are legally covered should something happen.
But what types of coverage does workers’ compensation insurance provide? How does it work? And which industries need it the most? Find out all this and more below.
What Is Workers’ Comp Insurance?
Workers’ compensation insurance is a form of insurance that benefits employees who are injured while performing their job duties or become ill due to their work environment. Workers’ compensation insurance covers medical expenses associated with the injury, lost wages while the employee is recovering, and any legal fees related to a workers’ compensation claim.
Why Do Businesses Need Coverage?
Workers’ comp is required by law in most states, but even if it isn’t legally mandated, businesses should still carry it because it protects from costly lawsuits. It can also help employers maintain a safe and healthy working environment, which can reduce the risk of accidents and illnesses occurring in the first place.
How Does Workers’ Comp Work?
Workers’ comp is designed to protect employers and employees financially. If an employee is injured or becomes ill at the workplace, the employee can file a workers’ compensation claim.
The employer is then responsible for providing benefits to the employee. For the claim to be approved, the incident must have happened at work due to the employer’s negligence. This includes working in dangerous conditions or with equipment that was not properly maintained.
Once a workers’ compensation claim has been reviewed and approved by the employer’s insurance carrier, the employee receives benefits. If a claim is approved, the injured worker receives assistance with medical expenses related to the injury or illness, will continue to be paid while recovering, and may also receive lost wages. In addition to these benefits, the insurance carrier may also cover legal fees related to a workers’ compensation claim.
Workers across many industries face dangerous situations. InSource helps protect your business from the cost of an accident with robust workers’ compensation strategies. We’re ready to help you build a plan that matches your requirements.
Are There Different Types of Workers’ Compensation?
Depending on your business’s industry and location, various workers’ compensation insurance types are available. The most common types include:
Medical coverage pays for expenses related to an employee’s condition following a workplace accident.
This plan pays out a percentage of an employee’s lost wages after a work-related incident.
This policy protects employers if an employee contracts a disease in the workplace.
What Industries Need Workers’ Compensation in Texas?
Workers’ compensation insurance is required by law in all states, and it’s essential for businesses that employ workers to carry it. Industries that require a higher level of safety precautions or assign dangerous tasks are at the most risk of employee injury or illness. These industries need workers’ compensation benefits and coverage the most.
Transportation companies need workers’ comp to protect their drivers and other employees in the event of an accident. This industry is particularly hazardous due to the high number of vehicles on the road and the potential for dangerous weather conditions.
In the healthcare industry, workers’ compensation insurance is essential to protect employees from accidents while providing care. This can include injuries caused by lifting or moving patients, falls, and exposure to contagious diseases.
Construction workers are often exposed to hazardous materials, dangerous machinery and tools, and extreme weather. Workers’ compensation insurance can provide medical care for work-related injuries like broken bones, sprains, or burns. In the event of a fatality, it can also provide death benefits for the worker’s family.
Manufacturing employees face many potential risks, including exposure to hazardous chemicals and equipment, repetitive motions that can lead to injury, and long hours in uncomfortable positions.
Build a Plan With a Qualified Workers’ Comp Company
Unfortunate accidents are a certainty in any workplace, so your employees must have access to wage replacement when they fall ill or suffer an injury on the job. Working with an insurance company to find the policies you need is easier than going at it alone.
InSource is here to give you peace of mind by offering exceptional liability coverage tailored explicitly for oil and gas industry companies. Take advantage of our impeccable service and ensure your staff can return strong after an injury-induced absence with minimal disruption.