In The Corner

Workers Compensation Insurance 101: What Employers Should Know

Workers Compensation InsuranceAll employees, not only in Florida, but in all states in the country, are at risk of suffering from occupational health hazards, such as injuries. This is especially true for those who work in dangerous environments, such as industries involving the handling of hazardous equipment or materials.

This is where the Florida workers compensation insurance comes into play.

Ensuring financial aid for workers injured while performing their job

The primary goal of workers compensation insurance, a form of a state-regulated insurance system, is to ensure that employees receive financial aid, including medical bills and lost wages, when they sustain injuries while on a job or develop illnesses or diseases caused by their job itself, explains a specialist from Graceybacker.com.

What it covers

Employees provided with workers’ compensation coverage receive a variety of benefits depending on the kind of injuries they sustain or illnesses/diseases they develop as well as the severity of their condition.

Some of the basic features of this form of insurance include medical benefits for necessary medical necessary treatment of injuries, diseases, or illnesses sustained while at or caused by their work; monetary benefits for lost wages (time and amount limitations apply); and financial compensation for burial expenses when an employee dies on the job. It also provides benefits for the dependents of the employee who died while working.

What the insurance does not cover

Compensation insurance does not cover injuries, diseases, and illnesses that employees sustain and develop outside of their work. For example, the insurance will not cover self-inflicted injuries; injuries resulting from intentional alcohol intoxication or drug use; injuries caused by another party for reasons not relating to the work; and injuries resulting from deliberate participation of non-work-related recreational, sports, or social events.

Some types of insurance also do not cover injuries caused by natural phenomena including hurricanes and floods, except when the job itself puts the worker at a significantly high risk of sustaining injuries.

Keep in mind that not only does the law mandate the purchasing of worker’s compensation insurance for all your employees; it is also the best and ethical thing to do for your workers.