Selecting Injury Coverage for Your Employees

Injury Coverage

Many employers are required to offer their employees workers’ compensation insurance. This is a benefit program which provides financial resources in the event an employee has a work-related injury or illness. While state requirements vary for the amount and type of coverage that must be provided, the coverage plans generally include four common areas.

Coverage Options for Employees

The nature and severity of injuries or illnesses that are work-related could leave an employee unable to work for a few days or a few years. The accident could also be so severe that is results in death. As such, workers’ comp insurance will usually cover:

  • Medical treatments
  • Vocational rehabilitation
  • Disability benefits
  • Death and funeral expenses

Policy Options for Employers

There are different benefit plans employers can choose from for workers’ comp coverage. Guaranteed cost coverage is probably the most common workers’ comp policy example. Premiums are billed at an amount that doesn’t change when losses occur, and claims are paid out according to policy terms. Large deductible plans offer coverage but with a post-claims payment schedule until a deductible threshold is met. Companies have a smaller up-front cost but need to have the funds available for the claim payments made.

There are several things to consider before settling on which workers’ comp plan is best for your company. Consult with a provider that specializes in benefit packages for insight.