Workers’ compensation insurance provides compensation to employees for loss of income and for medical payments when they’re injured on the job. Most employers are covered by a state workers’ comp law. Benefits are funded by state insurance pools, employers’ own self-insurance or private insurance carriers.
Since employers ultimately bear the expense of workers’ comp benefits, it’s smart to understand how the system works and the proactive steps you can take to control costs.
Workers’ comp is a no-fault insurance system.
That means that to collect benefits, injured workers don’t have to prove that they’re completely free from fault or that the employer is at fault.
Also, workers’ comp is an “exclusive remedy” system. That means, in exchange for the expectation of benefits, workers can’t bring a civil lawsuit against an employer to collect damages for work-related injuries. (Typically, the law makes exceptions in cases w...(register to read more)