Workers’ compensation, or workers’ comp, is an insurance program that provides benefits to workers who were injured or became ill on the job to make up for medical costs and lost wages while they were out of work. It is very important for small business. It is very important to check the legal requirements of workers compensation in Georgia.
Workers’ comp insurance generally covers injury or loss of limb, illness caused by the job environment (like emphysema), repetitive motion injuries, permanent impairment, medical treatment, rehabilitation, lost wages, death, and liability insurance. Workers’ comp will provide coverage regardless of who is at fault – the employee, the employer, co-workers or even customers.
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Is It Required?
In the United States, workers’ compensation laws are regulated at the state level. While these requirements are often similar, there may be crucial differences in the coverage your business is required to have, such as when you are required to buy coverage.
Your state’s regulations also impact how and when you need to report accidents and the penalties for not doing so. In Florida, for example, employers are required to report claims within seven days after they are notified that an accident or injury occurred.
Employer Costs
You’ll need to make insurance payments throughout the year. The cost depends on the danger-level of the work; for instance, it’s more expensive to purchase insurance for construction workers than it is for receptionists.
The median cost of workers’ compensation insurance in 2014 was $1.85 per $100 of employees’ wages, according to the Insurance Journal. An employee earning $30,000 would cost around $555 annually to insure.
Without workers’ compensation insurance in place, you may be at risk of fines and even jail time for not complying with the program. If an employee runs into a problem that would’ve been covered by workers’ compensation insurance, you may be responsible for covering their expenses and may be sued by the employee.
Employee Claims
Be sure to appropriately inform employees about their coverage. Post notices around the workplace to educate your employees about what the policy covers and processes for making claims.
If an employee becomes sick or injured as a result of the workplace, you must provide him or her with the claim form. It’s your responsibility to submit the form to the insurance company. Check with your state’s department of labor to determine if the employee must also file a separate claim or if any state-regulated time limits apply. If the claim is approved, the insurance company will pay out the employee’s benefits.
Hopefully, your employees stay healthy and never have to use this coverage, however, understanding workers’ compensation insurance can help protect your employees and business.
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