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Cornerstone Insurance Agency Blog

Workers’ Compensation 101: The Employer’s Basics

8/23/2021

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​If you want your workforce to function well, then you should empower them with workers’ compensation. It is a government-ordered policy that pays financial benefits to laborers who become harmed or crippled throughout their years of service. Since the employees are a segment of a company’s stakeholders, the management should maximize their value. Learn the basics!
  1. Workers’ Compensation Is a State-administered Program
    The employers pay the state to fund worker’s compensation programs considered as insurance. As a result, laborers who become sick or harmed while at work receive these benefits. The government controls separate programs for explicit groups, including bureaucratic representatives, longshore laborers, and coal miners.

  2. All Employers Must Give Workers’ Compensation
    As mandated by the state, employees—hired by private, public, or independent contractors—are entitled to coverage. However, the types and amounts of coverage are distinctive for each state. Notably, Texas is the lone state in the US that doesn’t mandate this compensation. However, “going uncovered” may leave the business open to individual injury claims by workers.

  3. State Rates and Employer Classification Dictate Premiums
    Premium rates vary by state and by business characterization. It depends on the gross finance and the number and seriousness of ailments and wounds that the employer encounters. To illustrate, a manufacturing company would have a higher premium compared to those in a clerical office. 

  4. Some Instances Allow Employees to Sue the Employer
    By consenting to collect workers’ compensation, laborers additionally consent to surrender their entitlement to sue their employer. This remuneration deal is proposed to ensure the two specialists and managers. However, certain circumstances allow employees to sue their employers. When the employer induced the injury, or it occurred beyond the job’s scope, employees can file a lawsuit.

Conclusion
While the employees need compensation, the employers need it more. They need it in the sense that they need to keep the business running, and paying for employee injury could bankrupt you. As part of the stakeholders, companies should look after the well-being of their employees.

Workers’ compensation benefits the employees and the employers to ensure their workforce is motivated. Hence, it’s an investment instead of merely a cost.

At Cornerstone Insurance Agency, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (888) 661-8831. Get your free quote today by CLICKING HERE.
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