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.
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:
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:
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.
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