West Virginia Workers Compensation: Understanding your policy and how it will protect your employees!
2/2/2012 12:05:33 PM
When it comes to your West Virginia workers compensation insurance, it’s important to understand your policy so that you are aware of your rights and obligations. As outlined on the Insurance Information Institute (I.I.I.) website, workers compensation policies usually come in two parts as explained here:
Part 1: Workers Compensation, which the insurer agrees to pay if an employee is injured in a work-related accident, with no policy limits.
Part 2: Employers’ Liability in case of the employer being sued due to an injury not otherwise covered. Part 2 has monetary limits.
Employer Obligations include reporting and keeping records of accidents and taking steps to help return injured employees back to work. Studies have shown that the quicker accidents are reported to the insurer, the faster the employee is returned to the workplace. Return-to-work policies benefit the employer as well as the employee to avoid loss of skills and the incurring of extra costs.
In addition, West Virginia workers compensation premiums are set partly according to a business’s claims history. Where there have been long and extensive claims, the business will be required to pay more. More dangerous businesses will also pay higher premiums and will therefore need to have very strong safety practices in place to prevent work-related injuries!
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