Worker’s compensation insurance is a policy employers take to cover employees in case of work-related diseases and injuries. It offers monetary benefits to affected employees as compensation for permanent or temporary disabilities or lost wages associated with injuries or diseases.
Employers take on the entire costs of the insurance and should not expect employees to contribute towards premiums. Below is a guide about workers’ compensation insurance in Peoria, AZ.
What It Covers
Medical benefits
These help cover the medical bills used to treat injuries or illnesses. The costs include hospital stays, medications, surgeries, doctor visits, specialist medical care, and tests.
Vocational rehabilitation
Vocational rehabilitation refers to the long-term services offered to help the affected employees improve their health or return to work. It involves counseling, job training, and physical, speech, or occupational therapy.
Disability benefits
These are given to employees with permanent or temporary disabilities from job-related illnesses or injuries. They can be total or partial based on the impairment’s severity.
Wage benefits
These act as compensation to partially cover the affected employee’s lost income due to work-related injuries.
Death benefits
Employers disburse funds to help cover burial and funeral expenses. They also offer financial support to the affected employee’s spouse, children, and other dependents.
The compensation level employees get depends on the employer’s policies, the insurance company, the type of injury or illness, the employee’s salary, and the types of treatment and medication needed.
Benefits Of Employee Compensation Insurance For Employers
- Legal compliance– Having employee compensation insurance in Peoria, AZ helps organizations avoid legal penalties and consequences. It also helps avoid lawsuits from employees.
- Financial protection– The insurance covers any injuries or illnesses employees face, preventing businesses from paying out-of-pocket.
- Higher employee morale– Employees who know their employers have their safety and health interests at heart are more motivated to work, which helps increase production and minimize turnover.
- Positive reputation– Businesses that put their employees’ interests first have a better reputation among clients, the community, and potential employees.
