Workers Compensation Insurance
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quick highlights
Workers compensations pays for employees injuries on the job
Most states require businesses to carry WC
Self-employed businesses w/o employees don't need Workers' Compensation Insurance
Workers’ compensation is a program through the U.S. Dept of Labor that provides monetary assistance to employees who get hurt on the job.
Employers offer this as a way to replace the loss of income, provide access to necessary medical treatment, receive vocational rehab and additional benefits.
What Is Workers Compensation, and What Does It Cover?
Insurance companies offer Workers Compensation insurance as a safety net for the just-in-case scenario. Workers’ compensation pays for medical expenses for injuries or illness from the following:
If you or a loved one dies as a result of a work-related injury, the workman’s compensation covers funeral expenses.
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Other work-related coverage includes disability, whether temporary or permanent, therapy treatments, exposure to harmful chemicals, and progressive injuries, such as carpal tunnel.
There are statutes of limitations that you must meet to receive benefits. Each state has its policies regarding workers’ compensation.
In fact, most states require employers to carry workman’s compensation packages.
insurance terms explained:
Independent Insurance Agency: You can buy insurance from an indendent agency but they represent other companies (typically several). For example, an independent agent who works for Acme Insurance Agency might sell you an auto insurance policy insured by Travelers Insurance.
What Types of Businesses Need Workers Compensation Insurance?
All businesses in the United States must carry some form of workers’ compensation, but conditions vary per state.
Factories, construction companies, charter boats, Daycares, hospitals, dance studio, Janitorial Businesses, schools, day spas, retailers, general contractors, carpenters, painters, caterers and other businesses that have employees need workman’s comp.
Related Business Insurance Articles:
Small businesses refer to workman’s comp as small group health insurance and general liability insurance.
Self-employed businesses without employees are exempt from providing workers’ compensation.
Businesses who hire contractors to work for them often require them to carry their own liability insurance, including workman’s compensation.
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