Worker Compensation Insurance

Workers compensation insurance is designed to provide wage replacement as well as coverage for medical expenses for employees who are physically injured on the job or while carrying out work related tasks. In exchange for this coverage, the employee forfeits the right to sue their employer for negligent work conditions. This tradeoff is known as a compensation bargain.

Workers compensation insurance rules and regulations can vary across different states and jurisdictions. However, almost all plans account for a weekly payment in compensation for lost wages, economic loss compensation payment, or reimbursement of medical fees and related expenses, and benefits for the dependents of employees who are disabled or killed on the job.

At St. Louis Insurance Company, we offer the most comprehensive solutions to your insurance needs. Our insurance agency offers a range of business insurance policies from a variety of carriers, and we strive to help find the policies you need. To learn more about workers compensation insurance, call us today. You can also request insurance quotes by submitting our online request form.

Learn More about Workers Compensation Insurance

In most cases, businesses in Missouri are required by law to have worker compensation insurance. In addition to this being a legal requirement, it also offers a variety of benefits. For example, it protects the finances of the company in the case of accidents that cause injury to workers. Here are a few benefits of workers comp:

• No-Fault Coverage: The policy provides both the employer and the employee protection, regardless of how the injury was caused or who caused it. The policy does not seek to lay blame on either party; it simply compensates the injured person. Worker compensation insurance is funded by payment of regular premiums by the employer.
• Guards against Risks: Depending on the nature of your business, there are many types of risks that employees may become subject to. Worker compensation insurance guards your finances against such risks by offering coverage to employees in the case of physical harm. On the job accidents that result in medical bills or disability are covered under these plans.
• Wage Replacement: When an employee is injured on the job, they may no longer be able to earn their income. Worker compensation insurance replaces wages with a weekly payment so that they are still protected when they cannot work. In the event of the employee's death, the insurance compensates their family for the loss. These are important benefits to employees and may help improve employee morale and commitment.
• Protects Against Lawsuits: An advantage to the employer of worker compensation insurance is that it reduces the chances that they can be sued. Employees who are covered under the plan surrender their right to take legal action against their employers by accepting payment from workers compensation carriers.

Avoiding Fraud Associated with Worker Compensation Insurance

Although worker compensation insurance is designed to help employees, it can be misused and affect the employer adversely. Here are the most commonly reported cases of fraud, where employees attempt to take advantage of worker compensation insurance:

• Sometimes, workers are injured somewhere other than the job. However, they will report that the injury occurred while working so that the policy will reimburse all medical fees.
• An employee with a minor injury may exaggerate the magnitude of it to collect more compensation and stay off the job for a longer period of time than necessary.
• There have been reports of employees fabricating injuries in order to claim workers compensation insurance benefits.
• Old injuries often are reported as new or recent ones that were received on the job, in order to obtain benefits and receive medical care.
• Workers who actually are injured will sometimes linger at home before returning to work, claiming that the injury has not healed when in fact it has.

Request Quotes for Worker Compensation Insurance Plans

At St. Louis Insurance Company, our goal is to help you find the ideal insurance policies for your business. With our staff of dedicated agents, our business insurance agency can compare policies from many carriers to help you find the best and most affordable option that offers the coverage you need. To learn more about workers compensation insurance or to request insurance quotes, call us today.