Workers’ Compensation Insurance Basics and How to Control Costs

MyTPG Blog
Published: 11/1/21 5:00 AM

Title image for Workers’ Compensation Insurance Basics and How to Control Costs showing a female worker laying back on her chair and resting her feet on a desk.

Workers’ Compensation Insurance Basics and How to Control Costs

This article was published on: 11/1/21 5:00 AM

An employee gets hurt on the job. If so, workers’ compensation insurance will cover his/her medical costs and wages throughout the recovery period. This concise article addresses workers’ compensation insurance basics as well as provides ways to help you control costs.

Workers’ Compensation Insurance Basics

As an employer, you offer workers’ compensation insurance benefits to workers who are hurt or become ill on the job. If one of your workers is hurt on the job, they may be required by a doctor to take time off from work. In this case, the worker will be compensated for lost wages. In addition, all of the medical costs connected to the treatment and rehab will be covered.

How are staff members compensated?

Lost compensation is payable during the time duration in which staff members are being treated by doctors. Benefits are paid weekly. The amount is specified by a state-specific portion rate of their typical weekly wage, up to a maximum dollar quantity. Benefits will be issued to the worker once the state-specified waiting period expires.

What happens if staff does not adhere to recommended treatments?

Non-compliance with suggested medical treatments, treatment or return-to-work strategies might endanger workers’ compensation benefits.

What are the reporting procedures for illnesses and injuries?

They should notify you immediately to submit an accident report for any injured worker. This will start the procedure for getting workers’ compensation benefits.

What is an independent medical examination (IME)?

An IME is a test by a doctor besides the doctor who initially analyzed an ill or hurt staff member. As the company– and insurance providers– you can ask for an IME to validate an initial medical diagnosis and treatment strategy.

Workers’ Compensation Insurance Basics Tips for Controlling Costs

The most essential thing is to educate your staff members that preserving a safe office is crucial and will subsequently lower your insurance costs. Here are some other methods to manage costs:

  • Examine the reason for illnesses and injuries.
  • Carry out a return-to-work policy in which staff members work customized responsibility till they are totally healthy to do their tasks.
  • Firmly insist that worker claims are reported without delay.
  • Orient and train your workers on safe practices needed for their task functions and jobs.
Title image for  Workers’ Compensation Insurance Basics and How to Control Costs showing a work computer in the background and the words "HOME BASED BUSINESS" written across the front.

We Can Help!

Reach out to TPG Insurance Services at 909.466.7876 and find out more about how this protection can assist you to secure your home-based service. Also, take a look at our Workers Compensation information available for you on our webpage. Try out our experts today, we will not disappoint!