Here is an excerpt from a new blog post at GreggMarcus.com:
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.
