Workers Compensation
Workers' compensation insurance is crucial for businesses with employees because it protects both the employer and employees. It provides injured workers with medical care, lost wages, and other benefits, and it protects employers from potential lawsuits related to workplace injuries, according to Nationwide Mutual Insurance Company.
Here's a more detailed explanation:
For Employees:
Medical Care:
Workers' compensation pays for necessary medical treatment, including doctor visits, surgeries, and rehabilitation, says The Hartford.
Lost Wages:
It helps replace a portion of the employee's lost income while they are unable to work due to a work-related injury, according to The Hartford.
Other Benefits:
Depending on the state and the injury, workers' compensation may also cover costs like retraining, permanent disability benefits, and survivor benefits in the event of a work-related death, notes Next Insurance.
