Workers’ Compensation insurance is in place to help employees who are injured on the job. And even though most employers are required to have it, the details surrounding the coverage always seem to be a bit fuzzy. Of course, the myths and misconceptions floating around don’t help either. So, let’s debunk them.
Myth 1: Workers’ Compensation Only Covers Injuries on the Business Premises
Most people believe that workers’ compensation is only covered when you are injured at the workplace. This is simply not true.
The coverage protects individuals who are injured while they are working, regardless of their physical location. For example, employees of commercial trucking companies are covered as long as they are working when the injury occurs.
If you are injured in an accident while on the job, you may be eligible for workers’ compensation.
Myth 2: Workers’ Compensation Always Covers All Costs
It would be ideal if workers’ compensation would cover all costs related to a workplace injury, but it doesn’t. Rather, the compensation it offers is for medical benefits and wage replacement while things like pain and suffering are not covered.
Myth 3: Only Large Companies Need Workers’ Compensation
Large companies are required to have workers’ compensation. This is true. But they aren’t the only ones.
Many states require that employers carry the coverage if they have as little as four employees. Yet even if you have one person working for you an accident can happen and you could be held liable for the injuries.
Remember, small companies losing out on an employee can take a big hit, too, when it comes to production. So, invest in workers’ compensation for your employees.
Myth 4: There is No Deadline to File Workers’ Compensation Claims
Life can get busy — especially after a work-related illness or injury that occurs without notice. With the idea that there is no deadline to file a workers’ compensation claim, filling out the important paperwork and submitting it can be pushed to the back burner.
Unfortunately, this misconception could lead to a loss of benefits.
Know that there is a deadline for filing workers’ compensation claims that is set by the state. For instance, in Missouri, the statute of limitations for filing a claim is 2 years. In Indiana, there may be two years to file for benefits, but the employee must alert the employer within 30 days.
Take time to learn the deadlines in your state.
Myth 5: Paying Out of Pocket For an Injury Would Be Cheaper
Yes, investing in workers’ compensation is going to come with an added business expense. And when claims are filed, it is common to fear that it will impact your premium payment. This can cause employers to think that paying out of pocket for an injury would be a cheaper way to go.
Some even avoid having the coverage altogether, assuming they will just cover the cost on their own.
This is a big mistake.
Even if you have never had an on-the-job injury, they can happen – and they can be expensive. Medical bills and lost wages alone can be exorbitant depending on the extent of the injuries.
What’s more, without the protection of workers’ compensation insurance, you put yourself at risk of being sued by your employees. This could lead to devastating results.
Even if the insurance is optional, get it.
Learn More About Workers’ Compensation
Having workers’ compensation is an important part of your commercial trucking insurance. It protects you and your employees. The best part is that not all policies are created equal so you can find the perfect option for your business with the guidance of The Daniel and Henry Company.
Contact us today to get started.