The law requires employers to have workers compensation insurance for their workers. There are a number of reasons for this. Before accepting employment,employees need to check whether or not their employer has met their work comp obligations. After signing an employment contract,employees also need to check that they have been properly enrolled into the work comp system. Workers Compensation is incredibly important for both the worker and employer as it ensures workers who are injured at the workplace are properly taken care of. After all,their medical bills will be catered for by the employer and their insurer. Read on to find out why workers compensation is important in the labor market,according to work accident attorney.
Workers Comp Protects Employers
To enjoy Workers Comp benefits,injured workers have to give up their right to sue their employer for injuries they sustain or medical conditions they develop while working for their employer. Since injury lawsuits can be financially crippling,even for employers,workers comp can help to ensure that employers do not incur punitive expenses that may force them to close shop or cut down on their manpower.
Workers Comp Protects Employees and Their Dependents
When employees get injured at the workplace,workers comp insurance will pay medical benefits to ensure that all their essential medical needs are met. Workers comp also ensures that workers get two thirds of their wages and salaries as they spend days,weeks,months or years out of work. In case of a fatality due to work-related injuries,workers comp insurance will pay death benefits to the spouse and children or next of kin of the deceased worker.
In addition to that,workers comp system ensures that employees do not lose their job as employers are prohibited from retaliating against injured workers by firing or demoting them. Therefore,workers comp ensures injured workers stay employed,and if you have any difficulties in this area,make sure to contact a workman's comp for a consultation.