Workers compensation is a big deal in the telecommunication industry, especially for tower erection, maintenance and service companies. Contractually, their customers require the purchase of this coverage; however, all workers compensation policies are not created equal. It is important to make sure the policy you acquire provides comprehensive coverage, e.g., all the states in which you conduct business.
Breakdown of Benefits
Workers compensation insurance is designed to provide protection for both the employer and employees. Its benefits preclude employees from suing their employers in the case of a loss, which might harm the business financially. For the employee, benefits can be summed up in a few categories.
- Income benefits for replacement of wages lost due to work-related injuries or illnesses
- Medical benefits to cover medical bills and care for the person who is injured in line of work
- Burial benefits to pay for some of the funeral expenses for a deceased worker
- Death benefits offer replacement of a portion of lost income for eligible family members of an employee killed in the line of work
Additionally, while workers compensation insurance provides modest wage replacement, this is offset by the fact that the benefit typically is not taxed. However, this may depend on your situation. For example, if you receive Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI) at the same time you receive workers compensation benefits. In this case, part of your workers comp benefits may get taxed.
Find an Expert Advisor
Telecommunications businesses require specialized workers compensation insurance, which means your insurance advisor must know both insurance and the telecom industry. With USA Telecom Insurance Services, our team of experts focus on minimizing risk for all parties involved. We’ve serviced over 100 telecom companies and their insurance needs for over a decade. Our team has a deep understanding of the specifics and specializations of tower erection, line and antenna, DAS, and small cell operations. Working with an A+ admitted carrier, we exceed all industry insurance requirements by major carriers and contractors.
To find out more about our workers compensation program or for more information about our services, emails us today at firstname.lastname@example.org or call 800-645-8699.