Workers compensation is a necessary part of providing care for employees who suffer an injury on the job. It also protects a business from potential lawsuits. Insurance providers, such as InsureMyWorkComp, help to navigate the standard policies for your industry as well as find ways to reduce costs. Here are some of the main points to consider when searching for the right coverage.
Who Does Workers Comp Cover?
Workers compensation is often required when a company has hired beyond a certain number of employees. Coverage may vary depending on the type of employee. Policies will usually group employees as:
- Full-time employees
- Part-time workers
- Third-party contractors
An additional clause or policy may be necessary for volunteers and third-party contractors. A business will receive a fine if it does not have insurance that is compliant with state regulations.
What Does Workers Comp Cover?
When an injury or illness happens on the job, employers are often held responsible regardless of who was at fault. Workers comp helps to cover:
- Medical expenses
- Rehabilitation costs
- Lost wages
- Death benefits
A Workers Comp policy safeguards a company from taking the brunt of any liability expenses due to employee injury.
Policy requirements and coverage options can depend on the industry, and it is vital to get the right coverage for your state. Work with an insurance provider to obtain the best policy to keep your business running smoothly.