Every business needs to have worker’s compensation for their employees. Not only is worker’s compensation required by law but having a good worker’s compensation policy can greatly benefit the company. When a business owner needs to protect themselves as well as their employee’s, there are a few basics that everyone needs to know about worker’s compensation. InsureWise would like to share some of the basics about worker’s compensation and why this type of policy is essential to every business.
What is Worker’s Compensation
As worker’s compensation is required by law, most business owners will sign up for a worker’s compensation coverage policy without fully understanding what it is they are signing up for. Every worker’s compensation coverage policy is not made equally. However, the basic concept of worker’s compensation is a policy that will cover the medical costs as well as loss of wages and expenses when your employee has been injured while on the job. Most states in the United States will require a business to provide worker’s compensation for their employees. A basic worker’s compensation policy should include employer’s liability insurance. This insurance policy protects the employer from a lawsuit once an employee has accepted worker’s compensation.
Why is Worker’s Compensation Important?
If you have very small business and only have one employee on the payroll, you will still need to have worker’s compensation. When you hire a person to perform duties on behalf of the business, you will want to have a worker’s compensation policy. Both small and big businesses will need to have a worker’s compensation policy. There are only two states, Texas and South Dakota that do not require worker’s compensation. If you run and own a business and hire one or more employees, you will need to have a worker’s compensation policy.
Worker’s Compensation Helps Protect Businesses
When you are running a business and if one of your employees are injured or become ill while performing their duties, they have the right to file for worker’s compensation. For those who do not have a good or no worker’s compensation, an employee can file a lawsuit which forces the business to pay for lost wages and cover all medical expenses. For a business owner, a single injured employee can cost the business thousands of dollars and even more. A business owner can find themselves bankrupt over a single injured employee. Worker’s compensation is an insurance policy that business owners pay to the insurance company. If an employee has been injured or becomes ill due to the job, the insurance company will cover the cost of lost wages and medical expenses. A business owner will not have to take money away from their business due to a lawsuit. With a quality worker’s compensation insurance policy, the business owner will thrive and both business and employees will have protection and coverage.
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When you need a quality worker’s compensation policy, contact InsureWise. We will help you get the right policy for your business. We’ll be happy to answer any of your questions. For quality insurance policies and coverage call InsureWise or fill out this quick quote form today!