Workers Comp Insurance the Healing Bargain

Workers Comp insurance is insurance that allows wage replacement and medical benefits for employees who are injured in the course of employment. In exchange, the employee gives up his or her right to sue their employer for the tort of negligence.

"The Compensation Bargain" is the tradeoff between having:
• a specific amount of money the employee receives as well as specific medical benefits they have the option to use Workers Comp insurance benefits
versus
• another way to receive compensation for the injury outside the Work Compensation insurance system, i.e., through a law suit
"The Compensation Bargain" may be looked at as a:
• Result of the act of negotiation or coming to an agreement, or
• Bargain, i.e., a good deal—in this case for both parties
The "Compensation Bargain" may be seen as the "Healing Bargain" of Work Compensation Insurance. Many medical studies have proven that healing takes place in less stressful environments. The Workers Comp insurance removes stress by providing a source of Work Compensation insurance money to replace the injured worker’s paycheck in part or in full during the time of healing and recovery and by providing medical benefits to cover medical expenses.

While an employee is engaged in his or her employer’s business, Work Compensation insurance provides the employee with a paycheck for their family. The worker has the opportunity to heal the injuries knowing that bills are being paid and will be until he returns to work, or until the time specified by the Workers Comp insurance policy.
If an investigation shows that the employee was less than careful, the employee may or may not be provided paycheck replacement and medical benefits through Work Compensation Insurance. This determination is made after the incident is reported. Work Compensation Insurance policies list circumstances under which benefits will not be available: Some Workers Comp Insurance policies state that if the employee is under the influence of alcohol or drugs he must be tested at the time of the incident to see if the level of alcohol or drugs in his system is enough to place him or other employees at risk. If it is determined they are found to be at over the limit, the policy may state that benefits are denied.

What about the right of the employee to sue the employer under a Workers Comp Insurance policy? Despite circumstances on the employee’s side where the employer might have been found negligent, Work Compensation Insurance removes the threat or opportunity for the employee to sue the employer.

The healing experience is than less stressful for the employee than if he had to worry about finding some way to pay the medical bills. Having Workers Comp insurance places the emphasis on positive healing.

What a bargain! When employers provide Workers Comp insurance to employees, injuries on the job become a less stressful situation for everyone involved. Trade in what could be stressful to a manageable situation by providing Work Compensation Insurance to your employees. For more information visit: www.contractorsgeneralliability.net.