Workers Compensation Information
Workers' Compensation Protects The Employer As Well As The
Employee
Workers' Compensation insurance is business insurance that provides medical and
disability coverage for employees who sustain job-related injuries. At the very
minimum, these Workers' Compensation insurance policies will cover an
employee's medical expenses and reimburse him or her for some percentage of
lost wages. Most companies are required by state law to carry Workers'
Compensation insurance. Some states have developed state funds, or pools, for
Workers' Compensation insurance, but in most states, businesses must find a
private carrier for this type of business insurance policy. You'll get
different a workers' compensation insurance quote from different companies.
Because it is mandatory for most companies, some small business owners think of
Workers' Compensation insurance as a burden, an expense, and a commodity
product, providing only a basic level of benefits to employees. However, if you
get a good workers' compensation insurance quote, this burden will be
significantly lessened. There are differences in Workers' Compensation
policies, and some of the most significant differences show up in what's called
the Employers' Liability coverage, or "Part Two" coverage.
Employers' Liability insurance protects companies against the costs of
defending employment-related claims brought by employees for work-related
injuries or illness. The Employers' Liability coverage is usually one portion
of a standard Workers' Compensation policy. But while standard workers'
compensation benefits are fixed by each state, a business owner can usually
select the amount of Employers' Liability coverage for his or her company while
shopping around for a workers' compensation insurance quote.
Other options in Workers' Compensation insurance include
provisions that cover
employees injured in states other than those where the business normally operates,
coverage of different types of illnesses and injuries (often dependent on the
state where your business is located), coverage of funeral expenses and
financial support to dependents, and the percentage of lost wages reimbursed.
Even for small business owners, relatively minor differences between policies
can make a big difference in insurance premiums.
Workers' Compensation Rules
Scroll to your state below to access information on your state insurance website regarding worker's compensation rules and requirements.
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