Although your business may have extensive safety protocols, workplace accidents can still happen. Workers’ compensation insurance, or workers’ comp, may assist if one of your employees suffers a work-related injury or illness. Additionally, it’s required in many states, and having workers’ compensation insurance helps prevent employers from being fined due to lack of coverage.
The team at K.S. Billing & Associates in South Richmond Hill, New York, can help you secure the workers’ compensation insurance your business needs. Contact us for details.
How Does Workers’ Compensation Insurance Work?
If a company has a work comp insurer, after an employee reports a work-related injury or illness, employers must submit a first report of injury form to the insurer. The process may involve the following:
- Employers provide information to the employee about their rights and entitlements regarding workers’ compensation assistance.
- Employers or the insurer may request to interview the employee for details about the injury. States may also require the completion of other forms for more information.
- Employers may interview witnesses or obtain statements regarding the situation.
- The employee’s doctor may submit medical documentation.
- The insurer approves or denies the claim.
If approved, the employer and employee receive information regarding what workers’ compensation assistance will be provided and when payments may begin. If the insurer denies the claim, the employee may request reconsideration or submit an appeal to the state workers’ compensation board.
Additionally, employees may need to provide a medical notice of return to work with their employer and the insurer. After returning to work and depending on the circumstances, other assistance may be provided.
Specific processes vary by state and it is advisable to check your state’s laws and resources. For New York, the below links may be useful:
What Does Workers’ Compensation Cover?
After a work-related injury or illness, workers’ compensation may provide:
- Wage-loss benefits to help replace lost income
- Medical benefits to help cover medical expenses
- Vocational rehabilitation benefits to provide training or other services if the employee is unable to return to the work they were performing prior
- Death/dependent benefits to help cover funeral costs and lost income if the employee passes away. The payments may be provided to the employee’s spouse or dependents.
The above list is not all-inclusive, and other assistance may be available. Reach out to your insurance agent for more information.
How Much Does Workers’ Compensation Insurance Cost?
The cost of workers’ compensation insurance varies. Your industry, location, payroll, claims history, the number of employees and the type of work they do could impact premiums.
The knowledgeable professionals at K.S. Billing & Associates are ready to help your business get the right workers’ compensation coverage. Contact us today to get started.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.