A Few Quick Tips to Help You Find the Best Workers Compensation Insurance Company PART 2
Workers’ Compensation vs. Other Insurance
Almost all states in the United States require employers to provide Workers’ Compensation to their employers. However, not all Work Comp coverage has the same provisions since they differ per state. The challenge now is, how does an employer choose the best coverage for his team. Why should an employer choose Workman’s Compensation insurance over other private health insurance and disability insurance?
Workers’ compensation provides medical care and wage replacement for the employee while he recuperates. It provides disability benefits which may either be temporary or permanent depending on the result of the employee’s injury. In case of death, funeral and death benefits to be given to his dependents.
Health insurance on the other hand helps cover medical expenses for non-work-related illnesses or injuries. It is a must for all Americans to have minimum health insurance or be penalized under the Affordable Care Act of 2014. Business owners may still include this provision for their employees, whether in full or subsidized, with their employees paying the other half.
A Disability Insurance is voluntary insurance which gives coverage to the person in case they get sick or had an accident outside work. This program gives partial coverage of their lost income for rent or food until they can report again to work.
Although all three programs aim to provide coverage for the employee, they do not provide the same benefits. Private Health Insurance can only cover medical benefits and not the lost wages and death benefits a Workers’ Compensation offers.
A Disability Insurance on the other hand is designed to replace the employee’s lost income if he got injured or ill outside the work. It is voluntary and is given only until the employee can report back to work.
Meanwhile, the Workers’ Compensation insurance is regulated by the State. The benefit can go from temporary or while the employee is recuperating, to for life if the injury proves to have a permanent effect.
