One of the biggest responsibilities as a business owner is making sure that all of your employees are protected from any unfortunate situation. Investing in the right worker’s compensation policy can help to ensure that all of your employees will be well taken care of if they are injured on the job.
When looking for the right worker’s compensation policy for your employees, it is easy to get confused with all the specific terms that are used. Keep these worker’s comp terms in mind to ensure that you know exactly what you are investing in.
- Average daily wage – is the calculation of what an employee earns on an average day, and is then used to figure out how much wage loss benefits will be paid out.
- Permanent partial disability – also known as PPD, these are the benefits that are payable to an employee who sustained permanent, but not complete, disability.
- Permanent total disability – also known as PTD, these are the benefits that are available to an employee who is totally and permanently disabled from work.
- Social Security Disability Benefits – also known as SSDI, these benefits are paid through the Social Security Administration and are payable to any disabled employee. There are many provisions that are in place to dictate whether an employee can receive both SSDI and worker’s compensation benefits at the same time.
- Temporary Partial Disability – also known as TPD, are payable to an employee who is still able to work, despite their injury.
- Temporary Total Disability – also known as TTD, these benefits are available to employees who are completely unable to work for a period of time.
- Vocational Rehabilitation – also known VR, these benefits will cover services that will help injured employees return to work after a work injury.