What is Workers’ Compensation for your business?

Workers Compensation, also known as workers’ comp or workman’s comp insurance, protects you, your business, and your employees (and in certain cases their dependents) if an employed individual in your company is injured on the job.

This insurance policy includes expenses covered for physical injuries, mental injuries, illnesses, and death that are due to a work-related accident or issue. The coverage works to protect anyone injured by providing wage and medical benefits in the event they are hurt while working.

Workman’s compensation insurance gives medical expenses paid, lost wages, death benefits, and rehabilitation costs paid to employees and their dependents (if death occurred) in the event your employee was injured while on the job.

However, each state mandates the overall workers’ compensation wage and medical benefits; therefore, it is different in every state.

Workers’ compensation insurance begins by being purchased by a business and then is supported by their insurance company and/or supported publicly by state funds. There is a multitude of reasons that workers’ comp may need to be used for your business.

At LKA Insurance Agency, we ensure your business has the Workman’s Compensation Insurance policy fitted best for your business.

Most Workers’ Compensation plans offer coverage of medical fees due to work-related injuries that happened during the employee’s time of employment or had happened while working on the job. Examples of workers’ compensation claims include:

All of the claims above are only a small fraction of what can be claimed. It is important to remember that these claims can only be made if they are due to a work-related accident or incident.

However, by having a reliable Workers’ Compensation policy you can guarantee your business is covered from any hefty financial fees, including avoiding getting sued by your employee or having any legal fees needed to process in a trial.

Medical expenses, lost wages, ongoing care costs or rehabilitation costs, and funeral or benefit costs to dependents can be covered with Workers’ Compensation.

Medical expenses, lost wages, ongoing care costs or rehabilitation costs, and funeral or benefit costs to dependents can be covered with Workers’ Compensation.

It is important to remember that these benefits are not offered to your employee if they get hurt or sick while off the job. Any employee that is intoxicated or under the influence of an illegal substance or a substance that is against your company policy will also not be covered if an injury takes place at the workplace.

Understanding what Workers’ Compensation covers for your business is our responsibility at LKA Insurance Agency. Schedule a with us today for a free quote to learn more about how to further protect your business with a Workers’ Compensation policy.

Every state varies in its Workers’ Compensation laws. Regardless, every business should have a Workers’ Compensation policy to protect their business from large legal fees in the event of a work-related injury to an employee.

With a Workers’ Compensation policy, you are protecting your employees and your business. It limits you and your business from lawsuits, and by adding an Employer’s Liability insurance policy, you can also protect yourself if the employee believes you were negligent and caused their injury.

A Workers’ Compensation policy also protects you from further claims or litigation related to that specific injury or illness. In essence, if you didn’t have a Workers’ Compensation policy and an employee was hurt on the job and already sued you once, if they find more issues due to the same injury in the future they could simply sue you again and again.

With a Workers’ Compensation policy, it closes the claim once it is resolved initially, and the employee cannot litigate further in the future over the same claim.

This type of policy works to cover any injured or sick employees’ medical, income, rehabilitation, or death expenses due to a work-related injury. Your state guidelines will negotiate how much your employee will receive for their expenses.

Regardless, once the Workers’ Compensation claim is filed within a specified time period, it must be accepted by the employee who is sick or injured. Then they can receive the insurance benefits. It does not matter who is at fault as the policy already protects both the employer and employee.

At LKA Insurance Agency, we service Utah, Oklahoma, Arizona, Louisiana, and Texas. We believe all of our policyholders who own a business should carry a Workers’ Compensation policy.

However, each state varies on its guidelines for Workers’ Compensation.

Our insurance agency works with you to ensure your Workers’ Compensation policy is abiding by the law while fitting the needs of your business. NFIB, the voice for small businesses, gives excellent detail on how each state views the requirements for Workers’ Compensation policies. To consider the facts for the States, we provide coverage policies for Utah, Oklahoma, Arizona, and Texas; please view below.

Suppose you own a business in Utah, Oklahoma, Arizona, Louisiana, or Texas and are trying to learn your Workers’ Compensation policy options. In that case, LKA Insurance Agency is here to serve you and get you the policy you and your employees deserve.