There are various forms of insurance schemes available for workers and one such scheme is the workers compensation scheme. Workers compensation is a form of insurance that seeks to protect workers against loss of income occasioned by injuries incurred in the course of duty. Unlike many other forms of insurance, workers compensation offers protection to both the worker and the employer. This is because in addition to insuring the employee against loss of income, workers compensation also protects the employer from being sued by the employee for negligence. In effect, an employee who is covered by workers compensation relinquishes their right to sue the employee in case of any injury arising in the course of their work. You can visit this web site www.sigbcs.com for more information on the exact mechanism behind workers compensation.
There are many insurance companies that offer workers compensation as part of their insurance package. You can find most of this information online and understand the various different packages that different insurance companies have to offer. However, there are some features of workers compensation that are generally applicable across the board. One of the most important aspect when selecting an appropriate workers compensation scheme is the nature of the compensation. You can click here to find out more about the nature of compensation.
The compensation can be effected in different ways including wages which are periodical payments that can be made to the worker in question on either a weekly or monthly basis. In addition to wages, workers compensation can also be effected through reimbursement of medical expenses that the employee might have incurred in treating themselves after the injury and finally, third party compensation whereby the compensation is made to third parties such as the next of kins in case where the worker might have died due to their injuries sustained.
All in all, workers compensation is indeed an important form of insurance that can offer relief to both the worker and their dependents in the event of work related injury.