What is Workers' Compensation Insurance?
Workers’ compensation insurance offers wage replacement and medical benefits to employees who sustain work-related injuries or illnesses. In exchange for these benefits, employees typically forfeit their right to sue their employer for negligence-related claims. It serves as a vital safeguard, ensuring employees receive necessary support while providing employers with protection against potential legal actions.
Additional Information about Workers’ Comp Insurance
Workers’ compensation plans vary by jurisdiction, but they generally include provisions for weekly payments as a replacement for wages in case of disability, compensation for economic losses (past and future), coverage for medical expenses as a form of health insurance, and benefits for dependents in the event of a worker’s death, resembling life insurance. These comprehensive benefits aim to provide financial support and security to employees and their families in the face of work-related injuries or fatalities.
Workers’ compensation plans typically exclude general damages for pain and suffering, as well as punitive damages for employer negligence. Negligence is generally not a factor considered in workers’ compensation cases.
Contact us to learn more about the right workers compensation insurance for your needs.