One time I was at work and this guy named Al was driving the forklift. The brakes failed and he crashed hard right into one of those boxes of Styrofoam peanuts and then made this weird groaning noise. While I was pointing and laughing, he was screaming about Worker’s Compensation. What’s he talking about, exactly?
Here’s Five Fast Facts You Need to Know About Workman’s Comp:
- 🩼 Ouch - Worker’s compensation (or worker’s comp if you’re nasty) is basically employer insurance coverage that pays out to workers who are hurt, injured, ill, or disabled as a result of their job.
- 🤕 49 Minus 1 - It’s handled specifically by the states and the required benefits vary on a state-by-state basis. Only one state doesn’t require employees to retain worker’s compensation insurance: Texas. You thought I was going to say Florida, didn’t you?
- 🤢 Covered - Worker’s compensation provides you with medical benefits, lost wages, and rehab costs. It also pays death benefits to families of employees who are killed on the job.
- ✂️ Pay Cut - The salary replacement that is paid out is usually less than your full salary. The most generous programs pay around 2/3rds of your gross salary.
- ⚖️ Don’t Call Saul - There is one catch: if you take that sweet, sweet worker’s comp money, you can’t sue the company for negligence. After all, it’s designed to protect the employer and the employee.
🔥Bottom line: Worker’s comp is one of those things that’s nice to have, but we all hope never to have to use. It’s also a way to keep everyone (mostly) happy when accidents (or worse) happen. Except for Texas. You’re screwed if something happens there while you work.
Have you ever filed a worker’s comp claim?
Let us know by connecting with us on Facebook and Instagram! Also, remember to share this newsletter with your friends & coworkers!
Btw, If you’ve read this far and haven’t yet signed up for the weekly Paycheckology newsletter, CLICK HERE!
