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Understanding Workers’ Compensation in 2019: What it Covers and How it Works

3/26/2019

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Working in different sectors of the community can expose you to dangers more than others. Because of this, the government has made a system called “Workers’ Compensation” which will protect you in case you are injured or diseased while working.
​
To better understand what it is and how it works today, here are a few pointers:
​What Workers’ Compensation Is
It is a system sponsored by the government which provides monetary benefits to workers who are injured or disabled while working in a company. It is a type of insurance which offers the employees compensation for the injuries contracted during their employment.

If you are receiving workers’ compensation, you are also giving up your right to sue your employer for negligence. It is treated as a “compensation bargain” meant to protect both you and your employer. Employees usually give up further recourse in exchange for specific compensation and the employer will agree to a certain amount of liability all while preventing to spend more money in a lawsuit brought about by negligence. This saves both parties from spending additional cash for a trial.

What It Covers
Mostly, it covers all the needed medical fees that are related to injuries which are incurred as a result of the employment. For example, if you are working in a construction site, you can only claim compensation if a scaffolding fell on your head while working but not if you were involved in a traffic accident on your way to the construction site. Also, keep in mind that self-inflicted injury inside the workplace will revoke your right for a workers’ compensation claim.
If a worker dies because of their job, the workers’ compensation will make sure that the company will pay their family members or other beneficiaries.

How It Works
All types of employers are required to pay for their workers’ compensation. All this money will go to a state fund since all the compensation programs are governed state by state. The federal government arranges workers’ compensation programs depending on the specific group.

The benefits will depend on the total payroll of the company and the number as well as the severity of the injuries that the employer encounters.

While workers’ compensation will protect you from possible injuries during a job, there are still many things that it does not cover which are still essential for your well-being. There are still things like life insurance which can help you prepare better.

At Independent Executive Insurance Brokers, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (805) 624-4815. Get your free quote today by CLICKING HERE.
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Contact Us

Independent Executive
Insurance Brokers

California Location :
5069 Maureen Ln
Moorpark, CA  93021

Local: (805) 624-4815
Toll-Free : (800) 749-5777
Click Here to Email Us

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  • Home
  • Service
    • Update Contact Info
    • Policy Changes
    • Proof of Insurance
    • Policy Review
    • Contact My Carrier
    • Online Documents
    • Free Consultation
  • Insurance
    • Vehicles >
      • Auto Insurance
      • Classic Car Insurance
      • Motorcycle Insurance
      • RV Insurance
    • Business >
      • Business Insurance
      • Business Owners Package (BOP) Insurance
      • Group Benefits
      • Insurance Bonds
      • Workers Compensation
    • Health >
      • Health Insurance
      • Critical Illness Insurance
      • Dental Insurance
      • Long Term Care Insurance
      • Medicare Supplement Coverage
      • Vision Insurance
    • Life/Financial >
      • Life Insurance
      • Annuities
      • Disability Insurance
      • Final Expense Insurance
      • Financial Planning
    • Property >
      • Home Insurance
      • Condo Insurance
      • Earthquake Insurance
      • Flood Insurance
      • Landlords Insurance
      • Renters Insurance
    • Other >
      • Boat Insurance
      • Event Insurance
      • Pet Insurance
      • Travel Insurance
      • Umbrella Insurance
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