Industrial insurance covers work related illness or injuries and provides medical expenses for the workers’ treatment and recovery. The insurance coverage also pays a part of wages lost while a worker recovers from a workplace injury or disease. Employers are required to carry industrial insurance so that they are not sued for any damage if any work-related injury occurs.
When you are injured at work, report the injury to your employers as soon as possible and file a claim for benefits. You must prove that your injury is work related so that the compensation is not denied. Have a physician's report sent to the employers proving that the medical condition exists and is work related. When the claim is approved, your employer will pay the medical expenses and if required, a portion of regular wages are also paid. If the injury is severe and makes it impossible for you to return to work, your employers may recommend you for short-term vocational programs. Benefits are also paid to the dependents in case the worker dies because of his work.
Industrial insurance covers many areas, out of which worker's compensation is a main insurance coverage. There are other specific coverages that can be included in the business insurance package. Industrial insurance is also concerned with
- Electronic equipment insurance: covers damage to electronic equipment.
- Machinery breakdown insurance: covers losses due to accidental or mechanical breakdown of machines.
- Insurance for re-installation of plant and machinery.
With increased liability claims, the employers or business owners are forced to pay claims for the losses and are exposed to unnecessary risks. A wrong policy will either be too costly or will not provide enough coverage. For a successful business, industrial insurance is very important because you don't want your business to suffer if any key area of operation is left uninsured.
