
What is Workers’ Compensation?
Workers’ compensation is a type of insurance that employers offer in the instance of a worker suffering an injury as a result of their employment. For example, a construction worker would be entitled to a workers’ compensation claim if they sustain an injury as a result of falling from scaffolding. Similarly, a sales executive heading to meet prospective clients could be entitled to compensation in the unfortunate case of a car accident. It is important to note here that the injuries or disabilities that this particular compensation covers need to be the direct result of the employee’s work responsibilities. An employee won’t be entitled to the benefits of workers’ comp if they get into a road accident while trying to make it to the job site. Workers’ compensation also caters to disabilities that occur as a result of your employment. In the case of the death of an employee from work-related accidents, the employers may be liable to compensate the surviving members of the family.The Compensation Bargain
It’s crucial to understand the benefits and conditions associated with the compensation policies offered by the employers in order to mitigate the impact of a work-related injury on your livelihood. The compensation bargain is such a condition that enables the employers to avoid a legal lawsuit from an employee for the sustained injury. If an employee files a compensation claim, and it gets approved, they relinquish their right to sue the employer. This benefits both the employee and the employer by letting the employer avoid getting a lawsuit for negligence while promising guaranteed compensation to the employee.Benefits and Coverage
The benefits offered in a workers’ compensation policy may vary according to the state you’re in, but generally, the following benefits are considered standard in the insurance industry.