Wednesday, July 25, 2012

What Employers Should Know About Worker's Compensation Insurance

Here is an excerpt from a new blog post at

As a business owner, there are many things that you need to be aware of regarding your employers’ compensation.  The primary purpose of worker’s compensation insurance is to protect employers in case they get injured, sick, or even killed on the job.  Worker’s compensation is required, although the policies for such compensation are different in every state.   In this article, Long Island Insurance Executive Gregg S. Marcus will advise what your company is mandated to cover in worker’s compensation.

Worker’s compensation generally gives the four main types of benefits to employers.  These four benefits are medical benefits, disability benefits, survivor’s benefits, and rehabilitation benefits.  This ensures that the company cannot be sued in case someone is severely injured, but instead will be given a set amount of money to repay the employer for their injury.  Upon receiving worker’s compensation at the start of their employment, the employer signs an agreement that they will not sue as long as the monetary reward is received accordingly.  Also, it is important to be aware of whether or not your state mandates that you show proof or notice of your insurance carrier in your workplace.  The state also monitors the amount of coverage that you are required to have, in addition to the amount of money that you are required to pay if your employer misses work due to a job-related injury.  If you fail to provide adequate coverage to your employers in worker’s compensation insurance, you may be punished by the state.  Punishments include fines, and civil or criminal penalties, so you should be sure to provide the required coverage.

To view this post in its entirety, click here to visit the Gregg S. Marcus official website.