Workers Compensation Insurance Basics
Worker's Compensation insurance is available in all 50 states. Every state has mandatory workers compensation laws on the books. Worker's Compensation insurance is the typical way that most small business employers take care of the state mandated requirement.
There are common law duties that every employer owes their workers in the work environment, below is a list of some of the duties:
A safe place to work is the first one on the list.
Providing coworkers that are confident in the execution of their work activities is also a duty.
The employer must provide adequate education training and supervision for all workers.
The work environment must be safe for the workers and the equipment and tools that they use must be adequately maintain and in proper working order.
The appropriate warnings to all and always a potential dangers and harm from the employees workplace must be posted and communicated throughout the organization.
The employer must establish and enforce safety rules and regulations that are appropriate for their industry.
The workers compensation system is a strict liability, no fault system. Most states are competitive whereby private insurers and state funds together compete for the business of providing workers compensation insurance for employers. There are six states that are not competitive and they are called monopolistic state fund states. The six states are Nevada, North Dakota, Ohio, Washington, West Virginia, and Wyoming. Private insurers are not allowed to write Worker's Compensation in those states.
While the limits of some benefits are different for each state, the overall benefit categories are the same. Worker's Compensation pays for:
The medical services that the injured employee receives without any limit and without any deductible to the employee.
There is also lost wages that are paid usually after a waiting period.
Both physical and vocational rehabilitation services are paid under this policy also.
Finally, there are some nominal death benefits that are paid if the employee dies because of injury or illness from the workplace.
The workers comp system has some common objectives and goals about how the system is set up across the USA. One of the goals is to provide prompt payments and unlimited medical payments for the injured employees. Another of the systems goals is to eliminate or reduce delays in payments and litigation cost. Unfortunately this goal is not being met consistently across the nation. The system guarantees payments for the injured workers and also helps promote industrial safety throughout commerce. Employers can finance these mandated workers compensation benefits by purchasing private insurance, participating in your states assigned risk playing, purchasing insurance through state funds which most states have or qualifying for self-insurance and/or excess insurance plans on your own.
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