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As a framing contractor, workers comp insurance has to be part of your business structure. In fact, the state usually assesses fines if you do not have proper workers compensation coverage as part of your insurance portfolio.
Workers comp rates are set by your claims experience, the classification of employees you have and the total you pay out on wages each year. You do have some control over the premiums. Even though the costs might seem high sometimes, it’s not when compared to what could happen to your framing business finances if you did not have it. There is a lot of coverage that protects you as the employer from devastating financial impacts.
Anyone who works for you, whether they are professional carpenters, office help or salespeople are covered under workers comp insurance. Following are some of the protections you receive from this workers comp insurance:
If someone is injured or ill to the point where they cannot temporarily or permanently earn a living, workers compensation insurance coverage will pay all of the medical costs generated because of that injury or illness. This can include but is not limited to hospital charges, visits to a physician, prescription medication and even transportation to an emergency room.
An especially nasty injury may need first aid right away, at the place of employment before the person can be taken to an emergency room. If that happens, all of the costs incurred from ministering the first aid will be reimbursed.
Many on-the-job illnesses or injuries might cause an employee to miss work. If that’s the case, workers comp insurance policy under temporary disability will pay lost wages (for a period of time) until the employee can return to work. A physician has to make the determination about when the employee can return to work. Federal, state, social security and medical taxes are not taken out of the benefit amounts.
If it’s bad enough, sometimes an injury or illness incurred on the job can result in permanent disability. This as determined by a doctor, means that the employee cannot do the job in the foreseeable future. If your employee so qualifies, permanent disability benefits might be available until the employee turns retirement age. The benefits are paid out at two-thirds of the average salary over the last year. Other conditions factor in such as if the employee will be prevented from earning at all in the future.
If an employee is assigned to vocational rehabilitation, it means that the doctors feel some rehab can restore the injured area so the employee could return to work. It could include physical therapy and medications.
As an example of this: Maybe a framer hurts his knees on the job and is unable to work at carpentry. However, with some training, he might become a foreman where he will not have to perform physical labor. This insurance coverage takes care of the costs associated with the training to prepare the employee to be a foreman.
Death benefits in your workers comp policy will include a set cash benefit each week as well as payment for funeral expenses and other costs associated with the death.