Workers Compensation Insurance in Oklahoma
What is Workers Compensation?
Workers Compensation, also known as “Work Comp”, laws protect employees who sustain injures while on the job. It also ensures that they are provided adequate financial assistance should they have to miss work due to the injury. Having these laws in place eliminates the need for legal action and makes it a much easier process for both the employee and employer. In many states there is a limit to how much the employee can collect, which also protects the employer from having to pay an unfair amount to an injured employee.
What is Workers Compensation Insurance?
Workers Compensation Insurance helps companies pay the benefits to the employees who sustain injuries on the job. Work Comp Insurance is a policy that provides financial assistance to employers who have to pay benefits to an injured employee.
Work Comp insurance is unique in that it provides payment to the employee regardless of who is at fault for the accident as long as it occurs while on the job. Whether on the workplace premises or elsewhere or in an auto accident while on business, work comp insurance will provide coverage for the employee. It can help with paying for medical bills, lost income, and work-related illnesses. It also provides death benefits to surviving spouses and dependents.
Do I need a Work Comp Policy?
In almost every state Workers Compensation Insurance is mandatory. Employers need this type of insurance even in states where coverage is not mandatory. it is a good idea to have this type of insurance if you have a lot of employees or if they are involved in hazardous or dangerous activities on the job.
Things to Consider with Workers Compensation Insurance:
- Each state has different laws about amount and duration of lost income benefits and the provision of medical and rehab services. This means that in most states there are rules about who can choose the doctor and who treats injuries and who resolves disputes about benefits.
- Work Comp Insurance must be bought as a separate policy. While Business Owners (BOP) insurance is a package policy, workers’ compensation benefits are not covered. It must be purchased as a stand-alone policy.
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Additional Resources for Personal Insurance:
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