It is the responsibility of a company to look after its employees. Sure, paying the wages as per the agreement is mandatory, but compensating them for problems incurred on the job needs to be considered as well. The states mandate the employers to carry workers' compensation insurance in San Francisco and San Leandro, CA, to ensure care for the workforce when they are injured or taken ill while performing their assigned tasks.
Every business employing at least one employee is required to provide financial assistance to an injured or ailing employee in accordance with the regulations. It is helpful to know that the insurance coverage can be purchased by the employer, along with a list of employees who qualify for the compensation. The employee may claim the compensation, but the employer must approve it to provide the necessary assistance.
The extent of coverage is varied and extensive, with the following being covered for the concerned employee:
Medical Expenses- The insurance company pays the medical expenses incurred for treating work-related injuries and illnesses. The expenses include the costs for treatment, hospitalization, surgery, and rehabilitation.
Lost Wages- The company pays a part of the wages lost due to illness or injury. This enables the concerned employee to concentrate on recovery without having to work with the untreated health issues.
Disability Benefits-The employee may claim compensation for temporary or permanent disability caused by the working conditions or physical injury, along with stress.
Occupational Illness- Health issues occurring from being exposed to hazardous tasks and unsafe environments are also considered to be fit for workers' compensation
Death Benefits - Gravely injured or ill employees can succumb to their injuries during treatment. The insurance company will provide compensation to the deceased worker's family to cover all expenses related to their death, including funeral costs.
It is essential to understand that merely being an employee is not sufficient to qualify for workers' compensation. Instead, this compensation is only applicable to workers who are injured or fall ill while doing their assigned tasks at the workplace. Moreover, the eligible employee must be either a full-time or part-time worker. A few companies also include temporary workers and freelancers in their compensation claims, but this is not a standard practice.
It is surprising to know that both the employees and the employer benefit by obtaining and providing workers' compensation insurance, albeit for different reasons, such as: -
l Gains for Employees
l Reimbursement of Medical Expenses
l Disability Benefits
l Rehabilitation Costs
l Death Benefits
l Prolonged coverage for occupational diseases
l Gains for the Employer
l Compliance with legal regulations
l Legal costs & liability coverage
l Reduced Financial risks
l Tax Deductible Expense
l Improved Employer-Employee Relations
A company that is known to support its employees is regarded as credible, with its recruitment costs being significantly reduced due to the retention of talent.
Every business entity has to overcome specific challenges. It is essential to choose customized commercial insurance in San Francisco and Alameda, CA, to ensure proper financial protection.
