Your safety while at work should be assured. It’s your employer’s business to have company insurance cover that will cover you in case of any work-related incidents. You can trust the paperwork you sign before starting work, but it’s always good to check the details.
Here are five items you should check on your company insurance cover.
1. Death Benefits
While no one goes to work hoping to die, sometimes accidents happen. Some of these accidents are fatal and may cost you your life. In such a case, you should ensure that the business’s insurance cover gives you death benefits. In case you die in the line of duty, the company should compensate your next of kin. Usually, this is given as monetary compensation to help your kin and dependents cater for the costs you’ve been covering for them.
Always assess your company’s insurance cover for this vital detail. You can get a lawyer to help you understand the details of the death benefits clause if it’s too much for you. However, you shouldn’t work for a business that does not give death benefits to its employees. Ask the company for a copy of the insurance cover and go through it.
2. Disability Benefits
According to statistics, the report incident rates for workplace incidents were reduced from 4.51 per 100 people in 2011 to 3.30 in 2019. This shows a decline in workplace accidents, but it doesn’t mean that they’re a thing of the past. You need to be insured for any eventualities.
One of the possible eventualities in the event of a workplace accident is a permanent disability. For instance, if a worker on a construction site falls from the fourth floor, they could break their limbs or get a spinal cord injury. This would make them disabled and unable to perform their duties.
Regardless of the industry you work in, ensure that your company’s insurance covers disability benefits. That clause in your insurance cover allows you to make claims for compensation if you get life-altering injuries at work. The benefits will help you and your family survive after the accident.
3. Compensation For Lost Wages
If you get a work-related sickness or injury, you’ll need to take some days off work. However, these days shouldn’t go unpaid. The insurance offered by your company should cover these days and allow you compensation wages from your employer.
In 2018, 42% of 110,400 employed underwriters worked with direct insurance carriers. This means that there are plenty of employers who insure their employees. If your employer doesn’t offer such privileges, it could be time to look for alternatives. Go through the employer’s compensation plans on the insurance cover and decide if they’re an excellent fit for you.
4. Medical Expenses
Everyone hopes for good health, but it’s inevitable to get sick sometimes. Treatment can be costly and could drain you of your finances. However, you don’t have to go through such harrowing experiences alone. Your employer should cover your medical expenses, especially if the sickness is work-related.
For instance, if you get into an accident because of a faulty company vehicle, your employer should cover treatment costs. Alternatively, they should provide you with safer vehicles. The US Department of Energy gives up to $7500 tax credits for buying electric vehicles. Your employer can buy such vehicles because they’re safer to use.
5. Law Suits
Sometimes, you might get into trouble and be slapped with a lawsuit. If this happens when you’re working, your employer should cover the lawsuit costs. As an integral part of the business, your employer needs to cover your tracks and cater to your legal fees and fines. This should be included in the company insurance.
If your employer gives you insurance, it should have five integral parts. It should have death and liability benefits, compensation for lost wages, medical expenses cover, and lawsuits cover. If your company insurance doesn’t have these parts, maybe it’s time to look for an employer with better insurance coverage.