When workers deal with occupational diseases, whether due to environmental exposures, repetitive strain, or other work-related conditions, human resources managers must be able to tap into available financial and legal resources. This helps protect the well-being of workers and fulfill compliance responsibilities of the organization itself.
A high percentage of work-related illnesses often falls through the cracks, leaving workers without the necessary financial resources and the organization open to liability. As an HR leader looking to retain workers, and improve the well-being of the organization, being aware of the following resources can make a huge difference.
Asbestos Trust Funds
Apart from conventional sources, there are substantial financial options available through specialized compensation funds. Trust funds for asbestos bankruptcies fall into this category, which house funds allocated by bankrupt asbestos manufacturers to compensate victims exposed to asbestos.
For an organization operating in industries with known asbestos exposure, such as construction, shipbuilding, production, and maintenance, these funds often serve as protection for employees. It’s vital to know that the average value of compensation from the Mesothelioma Trust Funds is between $300,000 and $400,000, with people receiving over $1 million from the combination of compensation sources.
HR managers should understand that trust fund benefits are concurrent with workers’ compensation benefits, meaning injured employees can work on obtaining benefits from both sources simultaneously. They also don’t require court appearances, taking only 90 days or less to process the benefits claim, which obviously translates into faster financial assistance.
HR managers need to work on creating an effective injury reporting system for workers to report illnesses without having to worry about anything. That’s vital because companies with active reporting mechanisms are likely to minimize the prospects of injuries going unreported.
Managers must also find ways to connect workers with qualified occupational disease lawyers who can analyze their exposure history and lodge the necessary trust fund claims on their behalf. The good thing is that many reputable mesothelioma law firms work on a contingency fee basis, meaning workers pay nothing out of pocket for the services rendered.
Workers’ Compensation Insurance
This insurance option serves as an important safety net for workers who are suffering from work-related injuries or illnesses. Mandated by the state, workers’ compensation provides medical treatment coverage, critical wage replacement, and rehabilitation services. Therefore, understanding workers’ compensation is vital for human resource managers.
Workers’ compensation insurance is required in the majority of states with some exceptions, meaning your organization is probably working within this framework even if you choose to ignore it. The program provides critical benefits without requiring you to try litigation, making workers’ compensation unique from a lawsuit. More importantly, your organization is shielded from litigation while also protecting workers from the legal complexities involved in health emergencies.
HR professionals must also follow some other steps. For instance, they should ensure workers’ compensation insurance is sufficient with respect to their industry code and the number of employees. There needs to be an injury reporting system in place that encourages workers to report work-related illnesses early. And of course, there have to be structured plans in place to accommodate workers and prevent extended absences from work.
Long-Term Disability Insurance
Workers’ compensation offers many benefits and covers immediate occupation injuries and illnesses, but in certain situations, occupational diseases can lead to extended disability, keeping workers from returning to work. That’s when long-term disability (LTD) insurance comes into play.
LTD is vital for serious occupational illnesses that exceed the workers’ compensation benefit period. It offers income replacement options and other benefits to employees who can no longer work due to their health conditions. LTD insurance usually replaces 50% to 70% of an employee’s salary, making it a viable option to receive support needed for economic stability.
Interestingly, many occupational diseases also exhibit long incubation periods; the disease may develop slowly, years after the initial exposure. For instance, occupational exposure to asbestos leads to the death of 26,820 people worldwide annually due to mesothelioma.
Approximately 91.7% of these deaths are due to occupational exposure to asbestos. With that in mind, many employers are now prepared to offer critical illness insurance, especially after understanding that health protection requires layered benefits.
Since mesothelioma may develop 20 to 50 years after initial exposure, long-term disability insurance comes in handy in this situation. It helps when workers’ compensation ends but employees remain unable to work.
For human resource professionals, long-term disability benefits signal the employee’s safety within the organization, which is a crucial tool in employee retention and engagement strategies, especially for the older workforce vulnerable to workplace injuries and occupation diseases.
Endnote
For HR professionals, illness response in the workplace is an extremely important consideration for employee support, legal compliance, and organizational reputation. To effectively prepare your organization to offer comprehensive support to employees facing serious health issues, you need to familiarize yourself with the basics of workers compensation insurance, LTD benefits, and specialized compensation benefits, such as asbestos trust funds, to have a successful talent management strategy in place.
