Workers Comp Insurance Benefits

This insurance provides important benefits to the employer and employee if an injury happens in the workplace. When an injury or illness occurs and is determined to be work-related, workers comp will help pay reasonable medical expenses to that employee. They will also be paid a percentage of their salary, allowing them the freedom to not work during their recovery. This benefit also helps you as the employer to free up funds to hire a temporary replacement. In some cases, vocational rehabilitation costs will also be paid.

When a workers comp claim is filed, it makes the employee ineligible to file a lawsuit in regards to the injury, unless it was caused by willful negligence. This benefit should clear the employer of legal liability for the injury.

Workers Compensation Insurance Audit

Your premiums are based on a number of factors. A risk category will be assigned for each employee based on their job function. Together with their salary, a final cost will be determined. High-risk workers such as construction workers will incur a higher premium than lower-risk secretarial employees, for example.

Each year, an insurance audit is conducted. At this time, the previous year’s payroll, employment, and accident data will be reviewed. Any errors will be corrected, and you may be issued a refund or be required to pay more. This audit process helps ensure that you are only paying for the insurance you need year to year.

When a workplace injury occurs, you may lose your valuable employee temporarily, causing a loss of productivity and money. Workers compensation insurance helps provide the money your employee needs to pay medical and other expenses, while relieving your company of the financial and legal burden. All employers in Massachusetts must have this important coverage to protect their employees.