Workers are essential to every business and companies that needed extraneous activities. Without workers, there are no products to deliver and no complete services and operations. However, unfortunate accidents happen during a shift for many people. Having workers compensation insurance will save both the employer and its employee. The insurance covers benefits to injured or ill workers due to their job activities and requirements. Here are some types of insurance with its coverage:
Medical Treatment Insurance
Medical treatment or medical-only insurance covers all medical expenses that a worker needs for its treatment after getting injured or ill. The insurance covers medical appointments, therapy, operation, medicines, and medical equipment like wheelchairs. The worker also gains cash compensation due to its lost work because of the injury. In some instances, medical-only insurance will cover ongoing treatments of workers. However, some companies have doctors to say if the worker’s condition needs therapy and needs the use of protection.
Temporary Total Disability
This type is the most common type of workers compensation coverage. Temporary Total Disability (TTD) insurance gives cash benefits to workers that needed short rest due to injury or illness during work. The employee needs to come back after recovering, and they can work in the same duty. However, some workers came back even before they recovered. The company will assign them to tasks or activities that require less force and will not affect their injury. In this case, their employer will grant them Temporary Partial Disability (PTD) insurance.
Permanent Disability is the least used coverage among different workers compensation insurance. The company will grant cash benefits to injured or ill workers, but this time, their injuries or illness are permanent. There are two types of permanent disability insurance. The company will grant Permanent Partial Disability benefits to workers who got injured but can work after the injury. On the other hand, Personal Total Disability will be given to workers who cannot work after injury or illness.
Final Thoughts to Think
If you are a worker, having this kind of insurance ensures your safety during work and gives compensation for you. If you are the owner of the company, this insurance aids you to cover medical expenses. In conclusion, investing in workers compensation insurance will save both parties and ensures safety to the employee and company.
At Insurance Advisor Network, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (918) 528-6226 or Click Here to request a free quote.