What is Workers Compensation coverage?
Workers compensation covers individuals who experience an occupational injury. To be more in depth, the injured worker will have wage replacement and reimbursement for medical services. In addition to those benefits, there are also death benefits. Please note, workers compensation coverage and benefits offered vary form state to state. Every states laws and penalties are unique. Some states allow workers comp coverage from private insurers. But, some states require it to be purchased through a state fund. This includes Ohio.
Types of Workers Compensation coverage
Coverage A: This covers the state-mandated benefits. Benefits include medical care, salary replacement, and death benefits. Please note, this coverage varies from state to state.
Coverage B: This pays benefits that exceed past Coverage A. This would be in the event an employee files a lawsuit. In most cases, when the employee feels employer negligence took place.
When a claim needs filed, there are several steps to take. So, employees need to report their injury immediately. Failure to do so could result in a denial. The employee will need to fill out the appropriate paperwork regarding details of the injury. Another important step, is getting the employee to the emergency room or medical provider for evaluation and medical reporting. That will be a crucial step in reporting the injury. The insurance company will need to approval all claims and documentation. Claims and wages will be covered once approved.
How much is coverage?
The cost of this coverage will depend on a few factors. Such as, location, number of employees, industry and risk, and coverage limits. Speaking with a broker regarding the needs for your business is always best!