Workers Compensation Information
Workers compensation laws protect employees injured on the job by providing them with money to help cover their income and expenses. These laws benefit both employees and employers, as both sides can avoid the inside of a courtroom. Employees benefit from a streamlined process of compensation, while employers can more easily manage financial risks that exist due to state limits on the amount an injured employee can recover from an employer.
Workers Compensation Insurance assists companies in providing benefits to injured workers. This insurance assists specifically with injuries sustained on the job; it is NOT health insurance.
Many states require that employers carry some form of Workers Compensation Insurance to protect employees. However, even if this coverage isn't required by state law, it's a good idea to procure this coverage — particularly if you have employees who are involved in hazardous activities.
Do I need workers compensation insurance?
Employers are legally required to promote a safe working environment. However, accidents are always a possibility, even when every safety measure within reason has been taken by a business.
Workplace accidents can cause lots of problems for employers and employees alike. Employers are at risk for lawsuits, and employees must procure assistance for medical care and compensation for lost income. Workers compensation insurance helps streamline this process, which is why most states require businesses to carry this coverage. Workers compensation insurance covers workers who are injured on the job, regardless of whether the injury occurs on the workplace premises or not. These policies also cover work-related illnesses.
Workers compensation insurance provides payments to injured workers to help cover time lost from work and medical or rehabilitation services. It also provides death benefits to surviving spouses and dependents. These payments are provided regardless of fault.
Each state has different compensation laws. These state laws specify the amount and duration of lost income benefits, the provision of medical and rehabilitation services and how the system is administered. For example, many states have regulations to determine whether the worker or employer can choose the doctor who treats workplace injuries and how disputes about benefits are resolved.
Regardless of which insurance packages your business owns, you must purchase Workers Compensation insurance as its own policy. This is the case even if you own a home-based business or Business Owners Policy (BOP) package, as those policy bundles don't include coverage for workers' injuries.
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