Protecting your employees and your business
Workers’ compensation insurance is a critical coverage designed to provide medical care and financial benefits to employees who suffer work-related injuries or illnesses. It also helps protect employers from costly lawsuits related to workplace accidents.
What is Workers’ Compensation Insurance?
Workers’ compensation insurance covers medical expenses, rehabilitation costs, and a portion of lost wages for employees injured or made ill due to their job. In return, employees typically waive the right to sue their employer for negligence related to the injury, creating a no-fault system.
What does it cover?
- Medical treatment for work-related injuries or illnesses
- Disability benefits for temporary or permanent inability to work
- Vocational rehabilitation and retraining
- Death benefits to families of employees who die from workplace incidents
- Legal costs if an employee files a claim
Why is it important?
Workplace injuries can happen even in the safest environments. Workers’ compensation insurance helps ensure injured employees get the care and support they need while protecting businesses from expensive lawsuits and fines. It’s also legally required in almost every state for businesses with employees.
Who needs workers’ compensation insurance?
Most businesses with employees are required by law to carry workers’ compensation insurance. Requirements vary by state and can depend on the number of employees, industry, and other factors.
How to manage workers’ compensation effectively?
- Implement workplace safety programs to reduce risks
- Report and document all workplace injuries promptly
- Work with experienced insurance professionals to find appropriate coverage and rates
- Understand state-specific regulations and compliance requirements