Are you interested in workmen compensation insurance in Minnesota? Also called workers’ comp, this insurance covers medical expenses and lost wages. If someone gets injured on the job, they protect businesses from financial liability.
Workmen Compensation Insurance in Minnesota
From the employee’s perspective, policies provide peace of mind. If they’re out of work, they’ll still receive regular payments, relieving financial pressure.
It’s also beneficial to the employer as it lowers the likelihood they’ll be brought to court. When an employee has filed a claim, their employer’s policy covers the cost. So, the employer avoids losing money because of medical bills incurred by staff.
Requirements for Workers’ Comp
In Minnesota, businesses must have at least 1 employee to qualify for policy coverage. Otherwise, they’re not a qualified recipient of workers’ comp policies. Once you’ve hired someone, it’s a requirement, though. As a business owner, getting a policy helps protect your assets.
What Does Workers’ Comp Cover?
Each state has its own standards when it comes to workers’ comp. But, most of them cover lost wages, medical expenses, and rehabilitation costs. Also, Minnesota requires that policies cover funerals and related death benefits.
There are a few things not covered by the policies, so it’s important to understand what is and isn’t. If an employee gets injured while intoxicated, they cannot file claims. Anything that’s done off the job wouldn’t qualify, either.
Employees must adhere to company policies to file a qualifying claim as well. If they’ve failed in that regard, claims won’t meet compliance standards.
