The basic concept of workers' compensation insurance is employees who are injured at work receive from their employers benefits such as lost wages or payments for medical expenses. Marsh’s “Risk Management 101: Workers’ Compensation Insurance Fundamentals” podcast explains why workers’ compensation is an exclusive remedy for employees who are injured on the job.

Among the topics we cover:

• How workers’ compensation works.
• The importance of the phrase “in the course and scope of work.”
• Work-related injuries that may not be covered under workers’ compensation policies.
• The two basic types of workers’ compensation and the difference in how premiums are determined for each.
• How workers’ compensation can vary by state.
• Exceptions to the requirement for employers to buy workers’ compensation coverage.
• Strategies for reducing workers’ compensation costs.

We also discuss the three primary components of worker compensation policies: typical workers’ compensation benefits, employers liability, and other states, which covers employees who are traveling or doing business outside of their home state.

Strategies for reducing workers' compensation costs are also covered.

_{About Marsh’s Risk Management and Insurance Podcast}

_{Marsh’s Risk Management and Insurance Podcast series offers insight into the intricacies of the three major lines of commercial insurance coverage. The series features two content tracks on best practices in property, casualty, and financial and professional liability insurance: RM 101 and the more advanced RM 201*. This educational offering is designed to help risk professionals and individuals with risk management and insurance responsibilities gain a fundamental understanding of the major commercial insurance lines and related risk management strategies.}

_{*RM 201 episodes to be released in 2017.}

Read the Transcript.

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