The average cost of a workers’ comp claim was just over $41,000 from 2019-2021. For businesses, workers’ comp insurance is a must to protect workers when injured on the job. So, if something happens while working, you must report it immediately.
There are several laws around workplace accidents. You must report injuries because legally, the company cannot fire you or retaliate. Keep reading to learn more about workers’ comp.
1. All Work Injuries Must Be Reported
Workers must report all injuries on the job for workers’ comp insurance because the company can’t deny a claim. The company has to pay for medical care and provide compensation. If a company doesn’t report an injury, it can get in trouble with the state’s workers’ comp board.
Companies that don’t report their employees’ injuries are risking a fine of up to $1,000 per day that they don’t report an injury. Did you have a construction accident? Contact this construction accident lawyer today to find out your options.
2. Workers’ Comp Laws Vary By State
Workers’ compensation is an insurance policy that provides wage replacement, medical care, and rehabilitation for employees injured on the job. The amount of benefits varies by state. The differences are due to the different labor market conditions and the political climate in each state.
3. Workers’ Comp Insurance Is Required
Workers’ compensation insurance helps protect employees from financial loss due to injury or illness. Most states require businesses to have an insurance policy. It covers injuries, occupational diseases, disabilities, and death.
Employers should make sure that they have workers’ compensation insurance. This is because it is a legal requirement and it also provides protection for employers in case of an accident at the workplace.
Workers’ compensation insurance protects the employer from lawsuits and fines. It also makes sure that they are not burdened with the medical expenses of an injured employee.
4. Company Insurance Premium Is Based on Annual Payroll
The payroll of the company determines how much the workers’ comp premium is. This is because payroll is a good indicator of how much risk a company will have for workers’ compensation claims. The higher the payroll, the higher the risk for injuries and illnesses that may occur on the job.
5. Worker Retaliation Is Illegal
Worker retaliation is illegal with workers’ comp claims. The employee should not retaliate against an employer who has complied with workers’ compensation laws, in any way, shape, or form.
Workers’ compensation laws exist to protect both the employer and the employee. If an employer violates workers’ compensation laws, they face fines and penalties. Penalties vary depending on the severity of the violation.
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Now you know more about workers comp insurance. We hope this article helped you understand the rules around a workers’ compensation claim and why you have to report all injuries. If you liked this article, check out our blog for more great topics.