Workers Compensation

Employees injured at work, or suffering from a work-related illness, are able to recover their lost wages and their medical costs from workers’ compensation insurance. While every business strives to ensure that their employees are safe, injuries and illnesses can happen. When accidents happen, workers’ compensation insurance doesn’t just protect the employees, but also the company.

Here’s what you need to know.

What is Workers’ Compensation Insurance?

For most employers, a workers’ compensation insurance policy is required by the government. In fact, this type of insurance covers liability. Additionally, for employees, workers’ compensation covers employee damages, related to injury and illness.

A workers’ compensation policy will cover:

  • Medical benefits for employees, including rehabilitative services
  • Lost wages for employees while they recover
  • Lawsuits from employees directed at the employer regarding their injury or illness
  • Damages that are related to employer negligence, including unmet safety standards.

In short, when an employee is injured on the job, or becomes ill because of their job, workers compensation insurance kicks in. Further, workers’ compensation insurance can cover anything from falling accidents at construction sites to carpal tunnel injuries at an office.

How Much Will Workers Compensation Insurance Cover?

For employer liability issues, workers’ compensation works like many other insurance premiums: you pay for a certain amount of coverage, and workers’ compensation will cover up to that amount.

For employee payouts, the coverage cap is instead decided based on the employee themselves. In fact, it is calculated based on the employee’s injury or illness, and the amount that they make.

Do You Need Workers Compensation Insurance?

In South Carolina, you need workers’ compensation insurance if you have four or more regular part-time or full-time employees. In fact, most businesses are going to need workers’ compensation insurance, and there can be severe fines and penalties for not having a policy in place.

At GMM Insurance, we’re dedicated to educating, serving, and treating our clients like family. Since 2005, we’ve been finding new ways to improve our customer service and support, and to improve our insurance offerings. We’ll write any policy — even the weird, wacky, and wild. Contact us today to find out more about how we can help your business.