Explore Alternatives to Workers' Comp

April 23, 2012 — 1,639 views  
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Many organizations offer workers' comp to employees who suffer on-the-job injuries that limit their work. However, employers have alternatives they can provide to employees in these circumstances.

These alternative options may help companies save money while giving employees similar benefits to workers' compensation. Medical insurance, social security disability and short- and long-term disability funding could prove advantageous to cash-strapped businesses looking to avoid falling deeper into the red.

Medical insurance pays the costs associated with treatment for workplace injuries. For example, an employee who suffers a broken arm could use this incentive from an employer to go to a hospital, receive medical assistance and complete follow-up visits to ensure full recovery. Organizations may consider different benefits packages and incentives based on their industry.

Some companies provide social security disability compensation to help families in need. If employees miss work due to injuries, their loved ones will receive financial support through this insurance. Employers can give their workers information about social security disability coverage to help them determine if it is a viable option.

Lastly, short- and long-term disability coverage allows employees to pay a specific amount each month so they're prepared if an injury forces them to miss work. Companies may provide the option because it gives workers partial income and benefits for a set amount of time in these situations.