B Com Exam > B Com Videos > Principles of Insurance > Workers' Compensation insurance - Concept of Insurance, Principles of Insurance
Workers' Compensation insurance - Concept of Insurance, Principles of Insurance Video Lecture | Principles of Insurance - B Com
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FAQs on Workers' Compensation insurance - Concept of Insurance, Principles of Insurance Video Lecture - Principles of Insurance - B Com
| 1. What is Workers' Compensation insurance? |  |
Workers' Compensation insurance is a type of insurance that provides benefits to employees who suffer work-related injuries or illnesses. It is designed to cover medical expenses, rehabilitation costs, and a portion of lost wages for employees who are injured on the job or become ill due to their work.
| 2. How does Workers' Compensation insurance work? | |
When an employee gets injured or becomes ill at work, they can file a Workers' Compensation claim to receive benefits. The employer's insurance company will evaluate the claim and determine the extent of the employee's injury or illness. If the claim is approved, the insurance company will provide compensation to cover medical expenses, rehabilitation, and a portion of the employee's lost wages.
| 3. What are the principles of Workers' Compensation insurance? | |
The principles of Workers' Compensation insurance include:
- No-fault principle: Workers' Compensation insurance operates on a no-fault basis, meaning that employees can receive benefits regardless of who was responsible for the injury or illness.
- Exclusive remedy: Workers' Compensation insurance provides the exclusive remedy for employees to seek compensation for work-related injuries or illnesses. In most cases, employees cannot sue their employers for additional damages.
- Employer obligation: It is the employer's responsibility to provide Workers' Compensation insurance coverage for their employees. They must ensure that their employees are protected and that the necessary benefits are provided in case of an injury or illness.
- Statutory compliance: Workers' Compensation insurance is governed by specific state laws and regulations. Employers must comply with these laws and provide the required coverage as mandated by the state.
| 4. What types of injuries or illnesses are covered by Workers' Compensation insurance? | |
Workers' Compensation insurance typically covers a wide range of injuries and illnesses that occur in the workplace. This includes accidents, such as falls or equipment-related injuries, as well as occupational diseases or illnesses that develop over time due to work conditions. Examples of covered injuries or illnesses may include back injuries, repetitive strain injuries, respiratory conditions, and mental health disorders caused by work-related stress.
| 5. Are all employees eligible for Workers' Compensation insurance? | |
In general, most employees are eligible for Workers' Compensation insurance coverage. However, eligibility requirements may vary by state and specific job classifications. Independent contractors and self-employed individuals are usually not covered by Workers' Compensation insurance unless they have voluntarily obtained coverage. It is important for employers and employees to understand the specific eligibility criteria in their state to ensure proper coverage.
Text Transcript from Video
this is Jane Jane is in the emergency
room for falling and hurting her ankle
at work thankfully the company she works
for has a workers compensation policy in
place so she won't have to worry about
the medical bills of getting herself
back on her feet this is Roger and he is
in the room next door he also suffered a
work-related injury but unlike Jane his
employer doesn't have workers
compensation he's not sure how he's
going to pay these medical bills
not to mention his regular bills since
he'll have to miss work workers
compensation insurance provides
employees with the safety net of medical
care and disability compensation should
someone get ill or injured at work as
the business owner it protects your
company against lawsuits filed against
your company's surrounding workplace
injury so you won't have to come out of
pocket to cover those costs whether
you're about to hire your first or
hundredth employee our insurance
professionals can help you navigate the
application process or answer any
questions you have about your existing
policy we also provide no obligation
quotes you can begin budgeting for your
company's growth talk to us today
[Music]
room for falling and hurting her ankle
at work thankfully the company she works
for has a workers compensation policy in
place so she won't have to worry about
the medical bills of getting herself
back on her feet this is Roger and he is
in the room next door he also suffered a
work-related injury but unlike Jane his
employer doesn't have workers
compensation he's not sure how he's
going to pay these medical bills
not to mention his regular bills since
he'll have to miss work workers
compensation insurance provides
employees with the safety net of medical
care and disability compensation should
someone get ill or injured at work as
the business owner it protects your
company against lawsuits filed against
your company's surrounding workplace
injury so you won't have to come out of
pocket to cover those costs whether
you're about to hire your first or
hundredth employee our insurance
professionals can help you navigate the
application process or answer any
questions you have about your existing
policy we also provide no obligation
quotes you can begin budgeting for your
company's growth talk to us today
[Music]
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About this Video
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Dec 23, 2024 Last updated |
Video Description: Workers' Compensation insurance - Concept of Insurance, Principles of Insurance for B Com 2024 is part of Principles of Insurance preparation.
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