Worker’s Compensation Insurance
A worker’s compensation insurance is mandatory and is designed to protect employees in the event of injuries that occur in connection with their work. Work-related injuries can have serious consequences for both employees and businesses. Therefore, a worker’s compensation insurance is an important safety net for employees. This insurance provides compensation for loss of earning ability and treatment expenses.
What is a worker’s compensation insurance?
A worker’s compensation insurance is a business insurance designed to protect the company’s employees from personal injuries that occur as a result of their work. The insurance covers treatment costs, compensation for permanent disability, and loss of earning ability. The purpose of worker’s compensation insurance is to ensure that employees have financial security and support if they are injured at work. The insurance is mandatory and helps provide peace of mind and protection for both employees and employers. However, this insurance is not mandatory for self-employed business owners.
What does a worker’s compensation insurance cover?
A worker’s compensation insurance covers personal injuries in connection with or as a result of work. Injuries can occur immediately or within 5 days. Long-term injuries are considered occupational diseases and are covered by a state scheme. The insurance includes compensation for permanent disability and loss of earning ability, as well as medical treatment, rehabilitation, and other expenses. The aim is to protect employees' welfare and provide support in case of work-related injuries, including treatment costs and damage to items like glasses.
Example of using worker’s compensation insurance
Mette works as a carpenter in a construction company. One day while at work, she falls off a ladder and sustains a serious back injury. Due to the injury, Mette is unable to work for several months. Thanks to her worker’s compensation insurance, Mette receives compensation for permanent disability and coverage for her medical expenses, including physiotherapy and rehabilitation. The insurance helps Mette offset the financial consequences of the injury and gives her peace of mind as she focuses on her healing and recovery.
Get independent insurance advice at Söderberg & Partners
It can be difficult to predict when and to what extent an injury might occur. That’s why it’s important to have an experienced insurance broker by your side who takes into account the risks and scenarios you might not have considered.
At Söderberg & Partners, our insurance brokers have the educational qualifications and experience to advise your business – whether you have 2 or more than 1,000 employees.
It is important to us that you, as a company, feel confident that you are correctly insured. This allows you to focus on what you do best – running your business.
Based on our professional knowledge, we are often used as a sparring partner when, for example, expanding business areas, to assess what impact this might have on your business. If we notice patterns in injuries or types of claims, we assist you in preventing current or future injuries, ensuring your business is as well-protected as possible. We handle the administrative tasks and equip you to make the right decisions regarding risk management and insurance coverage.
We Often Get These Questions
A worker’s compensation insurance is mandatory and is designed to protect employees in the event of injuries that occur in connection with their work for the company.
That would be a worker’s compensation insurance. The worker’s compensation insurance covers treatment costs, compensation for permanent disability, and loss of earning ability. This insurance is mandatory if a company has employees.
Companies that have employees are required to take out a worker’s compensation insurance.
The price of a worker’s compensation insurance varies from company to company and depends on factors such as the industry and the number of employees.
For companies that have employees, it is mandatory to have a worker’s compensation insurance.