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.
If you have watched all of these videos, I appreciate it. I’m glad and hope that you found some level of use and some help in terms of identifying and figuring out your best options for your insurance coverage. If this is your first one that you’re viewing, I encourage you to research and look at some of the others. If you ever have any questions, please feel free to call us at 35-635-2095 and we can can help you.