In New Mexico, you might need to satisfy a few requirements before you start a small business, no matter which industry you belong to. One of the most important and non-negotiable prerequisites is Workers’ Compensation insurance. This plan can serve as your safety net in case an employee files a Workers’ Compensation claim for an injury.
For new business owners who aren’t aware of Nebraska Workers’ Compensation insurance, PolicySweet® has shared some information that you may want to know. We also offer comprehensive insurance plans to help you satisfy this requirement. Keep reading to learn more or reach out to us to get a quote.
What Do New Mexico Workers’ Compensation Policies Cover?
Much like in other states, New Mexico insurance policies can cover the following damages suffered by an injured employee. The cause of injury may be accidents or exposure to hazardous material an employee encountered during their role.
Since an injured worker may need hospitalization and other medical services, the expenses incurred could be covered. These costs can include doctors’ consultation fees, tests, treatments, and medical supplies.
Complete recovery from an injury may require additional treatments such as physical therapy. These services are often expensive for workers, but employees could be entitled to ongoing care benefits. The insurer can help cover these expenses as mandated by Workers’ Compensation laws.
Some accidents can be severe enough that they render an employee partially or totally disabled. Because of these issues, they may miss work for a period of time, need to find a new vocation, or be unable to work. In these scenarios, the worker could be entitled to disability benefits that can cover loss of income, vocational training, and more.
While an employee recovers from an injury in the hospital or at home, they may not be able to report to work and earn income. They could be entitled to file a claim for lost wages. Thankfully, most insurance plans can cover this expense so your company might not have to pay for this out of pocket.
Funeral and Death Benefits
Some accidents are so grievous that they result in the death of an employee. The surviving spouse or the employee’s dependents may file a death benefits claim to receive compensation for their loved one’s death, and the insurance can cover the payment.
What Does Workers’ Compensation Insurance Not Cover?
The items listed above are classified as economic damages since they represent financial losses. These damages are typically the only ones that insurance could cover. On the other hand, Workers’ Compensation insurance may not cover non-economic damages, particularly pain and suffering.
On a similar note, an employee cannot file for compensation or receive benefits if their injury resulted from the following scenarios:
- The worker purposefully failed to follow proper operating instructions for equipment or machinery.
- The worker did not obey company safety protocols and policies.
- The injury was intentional.
- The injury resulted from the worker instigating violence.
- The worker was under the influence of controlled and prohibited substances, resulting in the injury.
- The worker’s contract had already expired before the injury.
- The accident happened off-site or outside of work hours.
Get Insured With PolicySweet
Help make sure that your company is covered against liability and claims by having Workers’ Compensation insurance. Let PolicySweet help.
We can help provide comprehensive insurance policies for businesses in New Mexico and the rest of the U.S. Some of the industries we’ve worked with include retail, personal care, cleaning, and landscaping.
Ready to get insured? Get in touch with us today and let’s discuss your needs.
Please Note: State-specific information is subject to change at any time. Always consult with your state’s official information and resources for the most accurate information.