No one expects to be injured or experience an accident while at work. In fact, most employers do everything in their power to make the workplace safe and secure. Unfortunately, even the most diligently safe businesses can have an injury occur. That is where workers’ compensation becomes the safety net for both the employee and employer.
What is Workers’ Compensation?
Workers’ comp is a form of insurance that provides financial coverage in the event that an injury or accident happens at work or while performing work duties. Just like businesses offer medical and dental benefits, a workers’ comp package is part of the employee benefits. Since workers’ comp laws are established by statute in each state, no two states have exactly the same coverage or laws.
Massachusetts statutes contain coverage for temporary, full, or partial incapacity benefits, permanent & total incapacity benefits, medical benefits, scarring, disfigurement, loss of function, as well as survivors benefits and burial costs. To see the full list of workers’ compensation benefits you may be eligible for, how much you can collect, and for how long, check out this link.
Massachusetts covers some situations that other states do not include. For example, in Massachusetts, employers must provide workers’ comp for not only full-time employees but also part-time, seasonal and even volunteers! Business owners are also considered employees so if an owner is injured he or she is also covered.
Importance of Workers’ Comp
When an accident happens at work, there are several things to consider. First and foremost is the health and well-being of the person who was injured. It ensures that workers will receive the medical care that they need in the event of an injury, and that they will receive a portion of their regular income until they are able to return to work. Medical bills can add up quickly and can be astronomical! Having this insurance can save both the company and employee from a mounding pile of bills. As long as the employee is injured while completing the course and scope of his/her employment, coverage is provided even if the employee was partially responsible for his/her own injury.
In addition to medical care and coverage of lost wages, the benefit also is important to protect the business and business owners as well. Workers’ compensation statutes provide exclusive remedy for injured employees. This means that under most circumstances an employer cannot be sued for causing the injury of the insured. There is a sense of peace of mind with workers’ compensation because now all employees will be covered for medical bills, a portion of their pay, and disability if the person is unable to return to work.
Are you a small or medium-sized business owner and need help navigating the ins and outs of workers’ compensation laws? Call Phil Richard Insurance and we can consult with you about your company’s unique needs. Call us at 978-774-4338 or visit our website.