The Types of Workers’ Compensation Benefits Business Owners Should Know About
Businesses are required to have workers’ compensation insurance policies in place. These policies come into play when employees get injured. These types of policies afford employees four main types of benefits which include disability benefits, medical coverage, death benefits, and rehabilitation benefits. Insurers do not usually offer these policies separately and the type of benefits an injured employee gets will depend on their specific circumstances.
Medical Treatment
Medical coverage and treatment are perhaps the most common types of benefits employees expect when injured on the job. The workers’ compensation claim they file in this case would help cover the cost of their medical treatments. Because medical coverage claims are so common and healthcare is so expensive, they are one of the main reasons why employees hire a workers’ compensation lawyer to ensure everything they need is catered for.
A worker’s compensation claim can help pay for different aspects of treatment including emergency room visits, doctors’ appointments, recovery equipment, therapy, and rehabilitation as well as medications.
Medical coverage through workers’ compensation claims is usually unlimited in the amount the employee can claim, but there are limits on the cost of different types of treatments. Physical therapy and chiropractic care are the most common treatments that often have a dollar limit.
Disability
Work-related injuries can leave an employee temporarily or permanently disabled. Temporary total disability means that although the employee is unable to return to work right away, they will be able to do so in the future. Total partial disability means they can return to work as soon as they can but will work at a reduced capacity.
Permanent total disability means the employee is completely unable to work, now and in the future. With permanent total disability, the employee is not able to return to their role. Permanent partial disability means that, even though the employee will be able to return to work, they can never work in the same capacity again.
Workers’ compensation can be used to cover lost income for a short period for temporary disability or for permanent disabilities.
Rehabilitation
Workers’ compensation can be used to pay for rehabilitation and ongoing care. This can include physical therapy or paying for training, so they can return to work in a different capacity or role. The compensation is used to pay for training and certifications in the latter case.
Death and Funeral Services
In the event of a fatal accident or work-related injury, death benefits are paid to their beneficiaries (spouse, minors, and other dependents). Workers’ compensation can also be used to pay for funeral expenses. Also, depending on the policy, benefits can be used to pay for lost income, but these amounts are usually limited and vary from one insurance provider to the other.
Conclusion
Business owners who want to ensure their employees are protected and compensated in case of an accident, injury or fatal event should consider getting a workers’ compensation insurance package. This can help the employee return to work or help their family be catered for in case of a fatal event.