What does workers comp insurance do?

By November 14, 2017 January 4th, 2018 Business Insurance
Question 100 in 100 Insurance Questions in 100 Days Video Series!

Workers’ Compensation is typically the largest part of a business’s insurance expense. It applies to workers who are injured or become ill due to their job function or environment.

It also compensates for lost wages. The wages are replaced up to a certain percentage amount. There is a seven-day waiting period in order to do that.

It is not the same as short-term disability. Short-term disability covers for injuries and sicknesses that occur away from one’s employer. Workers’ Compensation also covers unlimited amounts of medical expenses that happen and occur as a result of the injury or illness.

It can also cover small death benefits. It can replace the lost wages to a surviving spouse or to that person’s child. That will remain until the time that the spouse either remarries or a designated period of time for the benefit of the child. There are a lot of components to Workers’ Compensation Policy. It does typically end up being the most expensive part of a business’s insurance portfolio.

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