For most states within the US, if you have employees then you need workers’ compensation insurance. Even if your employees are working from home, they need to be properly covered. It is in their best interest, as well as your own, to provide a full and comprehensive workers’ compensation policy.
Protect your employees – protect yourself.
Without workers’ compensation insurance, you will likely have to pay out of pocket for an employee who gets injured on the job. Not only that, but you will be paying some hefty fines depending on your state laws.
Your policy will cover medical costs and lost wages for an employee’s work-related illness or injury. All employees must be covered under your policy (depending on the state), but you can make owners, officers, directors, board members, and partners exempt based on eligibility guidelines.
Working with a MartinoWest expert is the best way to make sure your workers’ compensation policy covers your employess properly.
What is Workers’ Compensation Insurance?
Workers’ compensation provides a safety net for you and your employees after a workplace injury. It can help cover expenses for medical treatment, lost wages, and other costs.
It’s an essential component of your small business insurance package that protects you and your employees from financial harm. You’re required to purchase coverage in most states as soon as you hire your first employee.
Why is Workers’ Compensation insurance important?
Workers’ compensation coverage is almost always required if you have employees as it partially covers medical bills and lost wages for those who are injured on the job.
Most compensation plans offer coverage of medical fees related to injuries incurred as a direct result of employment. For example, a construction worker could claim compensation if scaffolding fell on their head, but not if they were in a traffic accident while driving to the job site.
Workers’ comp can help pay for:
- Medical expenses
- Lost wages
- Survivor benefits in the event of an employee death
- Employer liability