What is the benefit of worker compensation insurance?

Answer 1

Workers' Compensation Insurance is mandatory for all employers to carry and pay for in all states. (Exceptions for self-insured employers are made; this is another whole topic). Employees are NEVER required to pay any part of the premium for this coverage. It is the EMPLOYER that is 'covered' and the purpose is to protect employers from damages awarded in lawsuits that could conceivably put them out of business. Most workers' compensation laws, in each state, went into effect in the early 1800's, during the industrial revolution, when employees were suffering serious injuries and either 1.) receiving NO compensation at all, or 2.) being awarded compensation via the court systems which generally crippled the employers, thereby eliminating jobs and income for entire companies. States realized that provisions needed to be made that would protect the injured workers and their families, but enable employers to continue operating and providing employment and income. Each state has a department, bureau, commission, etc., that regulates the laws pertaining to workers' compensation. Each state also has a 'state fund', which will provide insurance coverage to employers, for a premium. Forty-eight of the states also have competition with private insurers; three states have 'exclusive funds', meaning only the 'state fund' provides WC coverage: Ohio, Washington, and West Virginia. This means that employers MUST purchase their coverage from the state fund or be self-insured. (They must, of course, show due diligence, showing themselves financially able to be self-insured.)

Answer 2

In Workers' compensation insurance, the employer pays premium for workers employed in his factory. In case of any fatal injury or in the event of death of any worker, the Insurance Company compensate the loss on the basis of proof of eventuality produced by the employer. Especially workmen employed in hazardous job like mining, this insurance is very much beneficial.

Answer 3

A program whereby, if you are injured on the job, and in the performance of your job, it pays your medical expenses and grants you a certain amount of recovery time as well as compensation (awarded on a percentage basis)if you are permanently injured or disabled.

Answer 4

Worker's compensation is insurance coverage for employees to compensate them in case they are injured while performing their job. The employer pays a premium that covers medical expenses and lost wages in case their employees are injured. If these benefits are excepted the hurt employee must release the employer of further liability. The insurance company pays the claim and the employee can no longer sue the employer for the injury.

Answer 5

The benefit of worker compensation insurance is when you are unable to attend work due to a illness or injury you can claim compensation and still earn the money even though you're not working.

Answer 6

The Workers Compensation Commission is a government established program that helps ones that have been injured while at work. It also helps ones that have been diagnosed with a disease due to work related causes.