Workmans Comp Insurance
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Coverage provided by workmans compensation insurance protects workers injured while performing duties required by their job. Also known as workmans comp insurance, this coverage is a state-mandated requirement and is handled by private workman’s comp insurance companies in most states.
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Why Workmans Comp Insurance Exists
In order to do away with the need for an employee to take their employer to court in order to get paid for an on the job injury, workmans comp insurance was created. This coverage does away with the need for an employee to prove in court that the injury was a result of an employer’s negligence because it is a no-fault insurance. This means that regardless of the cause of the injury, workmans compensation insurance provides coverage.
Developed in the early 1900’s, workman’s comp insurance provides for payment to injured employees, resulting in dramatically fewer employer lawsuits. Before this coverage existed, an employee would have to take their employer to court to be paid for a work-related injury. These lawsuits created substantial financial losses for the employers.
Because it is a state-mandated coverage, workman compensation insurance pays medical bills quickly, as well as promptly reimbursing employees for time away from work. It also is a means to limit the employer’s costs related to employee work-related injuries. Workmans comp insurance does away with an employee’s ability to bring a tort suit against their employee in exchange for guaranteed, prompt medical care and disability payments.
By eliminating the need for an employee to sue in order to get paid for an on the job injury, and significantly reducing the number of job injury-related lawsuits companies have to contend with, workmans compensation insurance is a win-win for all parties involved.
Workmans Compensation Insurance Quotes
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