TYPES OF WORKERS COMPENSATION INSURANCE POLICIES

Today workers are entitled to compensation if they suffer any work-related injury or worse death. They or their family members can get financial assistance that can help them recover their losses through worker compensation insurance that is provided by the employer. But many times, people are not aware of what type of workers’ compensation insurance policies are in the market and their benefits. Here we are going to look at the same so people can understand workers' compensation and choose a better policy for themselves.

Types Of Worker’s Compensation

The following are the various workers’ compensation that are available in the market that the employers can choose from:

  1.  Wage Protection

Employees are entitled to wage protection if they were to suffer any injury that may cause them to lose their daily wages. This protection plan comes under worker compensation insurance and is further subdivided into the following categories:

Temporary Disability

This type of disability is when the worker is unable to work for a temporary period due to their temporary disability. Employees can receive the benefits of wage protection for the same for the duration of the temporary disability period.

Partial Disability

In this type of disability, the worker is unable to perform the task fully even after returning to the work site and can require some time to fully perform at his optimal level. The worker can still claim the full wages for the same through the workers’ compensation wage protection plan.

Permanent Disability

It is the condition where the employee is unable to recover from their injury and has suffered partial or permanent dismemberment resulting in their ability to work at full capacity as compared to, they were before their unfortunate accident. They still can claim wages through workers’ compensation insurance policies and get help for their losses.

  1.  Medical Cover

The worker can claim any financial losses they have incurred due to their injury or illness due to their work on the job site. The employer is liable to cover all the medical expenses that the worker will require during their treatment such as:

  • Appointment fee
  • Treatment costs
  • Hospitalisation cost
  • Cost of recovery equipment or surgery if required.

 

One must also take note of the following exclusions in workers’ compensation that employers while not help cover:

  • Homoeopathic treatments
  • Natural remedies expenses
  • Any other treatment that does come under general medicine.
  1.  Rehabilitation Cover

Sometimes, employees can lose their limbs or any other important functional body part because of the work. In such cases, the employer is liable to provide compensation for their recovery and care and any financial losses they might have incurred for their emergency treatment. This can also include special care programs and vocational rehabilitation that can also help the worker gain new skills making them capable of getting back to work in different capacities.

  1.  Death Services

Due to any work-related injury or illness if a worker loses their dear life, then their family member or beneficiary is entitled to compensation for the financial losses that they may incur for any funeral or death services. They are also provided with financial assistance compensation according to the workers’ compensation insurance or general liability insurance, whichever the employer has to the family member of the deceased worker.

Factors Affecting Worker's Compensation Policy

The following are the various factors one should take into consideration when they are calculating their worker compensation insurance policy:

  1. Number of employed workers
  2. Industry type
  3. Salary of workers
  4. Standards of safety
  5. Risk of jobsite
  6. Claim experience.

Conclusion

By referring to the above information one can easily understand the workers’ compensation policy benefits. However, one should always compare various worker compensation insurance policies before getting the one that meets their requirements. Now, one can easily get a workers’ compensation insurance policy in just a few steps from Quickinsure by visiting official website - https://quickinsure.co.in/ and comparing various available plans and getting the one that meets their requirements.

FAQs - Frequently Asked Questions

Q1. Who is liable for getting worker compensation insurance?

The employer is liable for providing group insurance or worker’s compensation insurance.

Q2. Does worker compensation cover post-treatment costs?

It can vary depending on the policy that the employer has provided for their worker. But if the worker were to suffer from any permanent injury or illness due to work-related reasons then the employer is liable for all the treatment including post recovery.

Q3. What are the main benefits of worker compensation insurance?

The main benefits of worker compensation insurance include accidental benefits, medical protection, and financial assistance in case of death.

Q4. How do workers' compensation insurance policies differ from general liability insurance?

Workers’ compensation policy is a group policy whereas general liability insurance policy is usually used to protect an individual business from any future liability that they might incur.

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