What does worker’s compensation insurance cover?
Worker’s compensation insurance (also known as “worker’s comp” insurance) helps you cover costs if an employee is injured or killed on the job at your facility, or if an employee has a job-related illness.
Even in cases where an employee contributed to the illness or injury, you can be liable as an employer.
Depending on the policy, worker’s compensation insurance can help:
- Cover some part of lost wages if an employee is unable to work because of a job-related illness or injury
- Pay for medical bills and/or medications associated with the illness or injury, including rehabilitation expenses
- Pay death benefits to an employee’s family if he/she is killed on the job
- Pay for some funeral or burial expenses.
Do I need worker’s comp insurance for my business?
It depends. Worker’s comp is generally required in every state except Texas, and regulations vary by state. In some cases, businesses with fewer than 5 employees aren’t required to have coverage.
In addition, the nature of your business will determine how much and what kind of coverage you need.
For instance, if your employees are working in an office setting and have a relatively low injury risk, you would need less coverage than if your employees work in construction, are delivery or truck drivers, etc.
Reduce your risks from the start
Of course, in addition to having insurance, it’s always best to prevent accidents and injuries whenever you can. Creating a comprehensive safety plan and addressing risk from the beginning will help you protect your staff and reduce your premiums.
In addition to offering affordable options for worker’s comp insurance, the Tedford team can show you resources and tools to help you manage risks, control costs and improve safety at your location.
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