Insurance Policy for Workers – Which Route Should You Take?

Employer’s liability insurance is basically an insurance policy for workers compensating for work-related accidents, illnesses, and fatalities on the job. It’s unusual to find a employer/employee scenario where the business is completely free of death or workplace accident. That said, it’s still very important to have adequate insurance coverage for every employee in your organization. Let’s take a look at what an employer’s liability insurance policy really offers and how you can best go about getting an appropriate one for your own company.

In essence, it offers protection against financial hardship for employees or their families who are accidentally injured or killed while on the job. In many cases, this type of coverage will provide up to or in some cases even over the full replacement of the victim’s salary or wage loss. For workers who are injured on the job, this type of protection is priceless. Not only do they not have the money or resources to pay for their medical bills or lost wages, but they also don’t have the financial means to take legal action against the employer. If the employer does have insurance coverage, it’s usually not worth pursuing because most workers’ compensation claims aren’t worth much more than the cost of the legal fees and time involved in pursuing them. A no-fault, or workers’ compensation only, policy is often the best option for these people. You can get more information about General Liability Insurance

It must be noted, however, that even no-fault insurance policies differ in the specific benefits they provide in case of a workplace accident. Different companies will have different policies providing for a variety of injuries. Some of the specific benefits most commonly found in such policies are personal injury protection (paying for the costs of doctor visits, medications, therapy, etc. ), residuals pay (paying a portion of medical costs for someone who is no longer able to work after being injured), and coverage for lost wages.

Under the terms of a no-fault, or a workers compensation only insurance policy for workers has two specific sections. The first section, usually known as the master agreement, spells out the specific benefits of each employee is entitled to receive. This section usually sets out the particulars of how much each injured employee will be paid, how long they will be off from work, and other specifications. The second section of the master agreement is usually called the submitters clause. This part states that if an employee should bring legal action against his or her employer for any cause whatsoever, the employer will have to submit documentation of the claim to the insurance company.

The New York State exemptions govern what employees are entitled to. According to the Office of Workers Compensation, there are seven basic categories of workers’ compensation that employees can claim for. They are: physical disability, pain and suffering, economic loss, extended unemployment, missed days of work, transportation expenses, and vocational retraining. To determine if an employee qualifies under any one of these seven categories, an employee must complete and file a claim form with the state’s Department of Labor.

Most employees do not realize that some types of workers’ compensation coverage actually allow employers to deduct these costs from their employees’ wages. This means that while an employee may think he or she is eligible for benefits such as medical coverage and income security, he or she may actually be ineligible because the employer is deducting these costs from his or her pay. To learn more about the types of benefits available to an injured worker, talk with your local Office of Workers’ Compensation Services in New York State. You can also contact an experienced insurance agent who can explain the ins and outs of the workers’ compensation coverage you may be eligible for. By learning more about your specific benefits and entitlements, you will be better informed about how to approach and complete the process of filing a claim for benefits with your employer.

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