Workers’ compensation (also known as workman’s comp) is a state-mandated insurance that protects people who are injured on the job. It provides employees who are injured or disabled on the job benefits, such as wage replacement (disability insurance that amounts to two-thirds the employee’s salary and possibly compensation for dependents) and medical benefits (health insurance) to employees injured on the job. Employees may also be compensated for past and future economic loss, rehabilitation, retraining and other benefits, depending on the laws of the state in which the employee was injured. Each state has its own workers’ compensation laws and programs. In exchange for these guaranteed benefits, employees usually do not have the right to sue the employer in court for damages for their injuries.
Did you know that the greatest cost for workers’ compensation is not the medical costs associated with treating work-related injuries and illnesses but rather the cost companies pay to injured workers while they are off from work? Much of this can be avoided by teaching people proper lifting methods, providing those who work at desks with ergonomic workstations and providing light duty return to work programs and work conditioning / work hardening programs to help workers return to their jobs quicker.
To learn more about treating workers’ compensation injuries and ways you can curb your workers’ compensation costs, call us. We’ll be happy to help.