Workers’ Compensation Meaning
More than 140,000,000 employees are covered by their employer’s compensation plans. These plans are available to almost 94% of all people currently employed in the United States. Unless you were injured at work, you may not understand the importance of workers’ compensation or how it works to protect millions of people in the workplace.
If you are unsure about the labor regulations, read on. This guide to workers compensation will help you understand what it means, what it covers and how it can benefit you, whether you are injured at work or at your contractor’s.
Worker’s Compensation Insurance is taken out by employers for employees who are victims of an accident at work. Insurance is responsible for the employee’s medical expenses, similar to auto insurance, which covers the owner of the car after an accident.
Worker’s Compensation protects the employee by paying medical expenses resulting from an accident at work. Workers’ Compensation Insurance is paid to surviving family members if the accident resulted in death. This is important because an employee’s private insurance will not cover bills they consider work-related.
Workers’ Compensation Insurance also protects the employer from a personal claim for damages. The employer is protected from lawsuits in the event of an accident at work, unless:
the employer’s liability insurance for the accident is insufficient
the employer has demonstrably caused the accident intentionally and negligently
the actions of the employer who caused the accident
employers can take out insurance with an external Get a job or fund the insurance yourself by becoming “self-insured.”
Employee benefits vary from state to state. Broadly speaking, these worker’s compensation laws require three benefits:
Worker’s compensation ensures that an employee continues to receive wages during a work stoppage. This allowance may also cover loss of income due to overtime.The worker is either short-term disabled, meaning they will be able to return to work within a reasonable time, or long-term disabled, meaning they will be unemployed for a longer period of time.
