Workers’ Compensation
What is Workers’ Compensation Insurance?
Workers’ compensation insurance is a type of insurance policy that provides coverage for employees who are injured or become ill due to their job. This insurance protects both workers and employers from financial losses that may occur as a result of workplace accidents or occupational illnesses.
Workers’ compensation policies can be customized to fit the specific needs of different businesses. For example, a construction company may need coverage for on-site injuries and equipment accidents, while an office may require protection for repetitive strain injuries or job-related illnesses.
The most common types of workers’ compensation coverage include:
Medical expenses: This covers hospital bills, treatments, and medications for employees injured while performing their job duties.
Lost wages: This provides compensation for a portion of an employee’s income while they recover from a work-related injury or illness.
Rehabilitation benefits: This helps cover physical therapy, vocational training, and support for employees returning to work
Death benefits: This offers financial support to the family of an employee who passes away due to a job-related injury or illness.
Employer liability coverage: This protects businesses against lawsuits related to workplace injuries that are not fully covered by workers’ compensation laws.
The cost of workers’ compensation insurance varies depending on several factors, including the industry, job risks, company size, and state regulations. Employers should work with an insurance agent or broker to evaluate risks and select the right coverage.
In summary, workers’ compensation insurance is an essential protection for businesses and employees alike. It ensures workers receive medical and financial support when injured, while also protecting employers from unexpected claims. By understanding available options and partnering with an experienced insurance professional, businesses can secure the right coverage to meet their legal and financial responsibilities.
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faqs
Frequently Asked Questions
Please contact us if you cannot find an answer to your question.
What is a deductible?
A deductible is an amount that you're responsible for in the event of a loss. This is the amount you pay out-of-pocket, and insurance covers the remainder.
How can I make sure that I have coverage for my valuables?
When speaking with your agent to set up your policy, any valuables (jewelry, art, family collectibles), our agent can review your policy and recommend changes to ensure your valuables have proper coverage.
Do I need to get a new appraisal to renew or change my coverage?
No. You do not need a new home appraisal during the renewal or coverage change process.
Can I keep my carrier?
Yes, In most cases you can keep your carrier, but have The Bedford Group Inc. manage your policy. This is done by transferring you policy.
