Business Insurance
Workers Compensation Insurance
No matter how secure your workplace may be, accidents can still occur. Workers Compensation Insurance is a state-mandated insurance offering income, medical benefits, and rehabilitative services to workers injured on the job or while performing work-related duties. While it’s compulsory for most companies, obtaining Workers Compensation Insurance doesn’t have to be burdensome. LRM Insurance Services, Inc. can assist you in finding a policy that meets statutory obligations at a reasonable cost.
Workers Compensation Insurance functions as insurance, providing wage replacement and medical benefits to employees injured during employment. In exchange, employees surrender their right to sue their employer for the negligence tort. This tradeoff, known as “the compensation bargain,” balances assured, limited coverage with the elimination of recourse outside the worker compensation system. This arrangement addresses the issue of employers facing insolvency due to high damage awards, with collective liability ensuring compensation security for workers. Individual immunity becomes a necessary counterpart to collective liability.
While specific provisions vary across jurisdictions, Workers Compensation Insurance can include weekly payments as wage replacements (akin to disability insurance), compensation for economic loss (past and future), reimbursement or payment of medical expenses (similar to health insurance), and benefits for dependents of workers killed during employment (similar to life insurance).
In Workers Compensation Insurance plans, general damages for pain and suffering, as well as punitive damages for employer negligence, are generally unavailable, and negligence is typically not a factor considered. Originating in Europe and Oceania, these laws were subsequently adopted in the United States.
Our Workers Compensation Insurance is designed to comply with state regulations and industry standards. We understand the importance of a healthy and safe workplace, and our policies are tailored to provide coverage for a range of occupations and industries. At LRM Insurance Services, Inc., we prioritize the well-being of your workforce and the financial stability of your business.
Navigating the complexities of workers’ compensation claims can be challenging, but our experienced team is here to assist you. We streamline the claims process, ensuring that your employees receive timely and appropriate benefits. Invest in the safety and security of your workforce with our comprehensive Workers Compensation Insurance.
