Work-related illnesses and injuries are common occurrences. To ensure the employees’ well-being and save employers from excessive financial burden, the US government has devised several medical and healthcare insurance policies. Workers’ Compensation Insurance is one such program that provides monetary and healthcare benefits to employees who have sustained work-related injuries or contracted a disease at their workplace.
Let us take a detailed look at Worker’s Compensation Insurance and how it works for the state of South Carolina.
What Is Workers’ Compensation Insurance?
Also known as Workers’ comp, this government-mandated insurance program offers wage replacement and medical benefits to employees injured while working. This disability insurance program ensures that the businesses share the cost of employees’ healthcare and rehabilitation in the event of an injury.
The rules for the Workers’ Compensation Program differ from state to state.
An Overview of Worker’s Compensation Insurance in South Carolina?
What are The Eligibility Criteria for Having Worker’s Compensation Insurance in South Carolina?
Workers’ Compensation is mandatory for businesses that employ four or more employees. This includes employees working for-profit and nonprofit businesses. However, workers’ compensation insurance is not mandatory for the following cases:
- For casual employees who don’t work regularly, their services are only needed occasionally.
- Businesses whose annual payroll dropped by $3,000 from the previous year.
- Agricultural employees.
- Federal employees of the state.
- Licensed real estate agents that work for a broker.
- LLC members.
- Sole proprietors
- Partners
What Benefits Are Provided By The Workers’ Compensation Program in South Carolina?
Workers’ Compensation Program in South Carolina offers the following benefits:
- The medical costs of physical injuries endured by the employees on the business premises are covered by this insurance program.
- Treatment costs of any illness contracted by the employee caused by working in a compromised or infected workplace.
- Treatment costs for injuries that occur due to repetitive stress. E.g., Carpal tunnel syndrome is a common repetitive stress injury. The workers’ comp will cover the treatment cost of similar work-related injuries.
- The insurance program covers a specific percentage of the lost wage if the employee takes time off work to heal from work-related injury or stress.
- The cost of physical therapy and multiple surgeries due to work-related injuries is covered under the Workers’ Compensation Program.
- In case of the death of an employee from a work-related illness or accident, the insurance program will cover the funeral cost.
As per the law, it is mandatory for businesses operating in South Carolina to have Workers’ Compensation insurance. This program not only benefits the employees but protects the employer and business from the financial costs of workplace accidents as well.
To learn more about Workers’ Compensation Insurance in South Carolina, contact ACI Insurance. Our office is located in Haverlake Circle Apopka, Florida. Call or message us at 407-272-1976 or 407-890-8897.