Whether you own a business or just got hired, you may be wondering about workers’ compensation insurance. This coverage plays a critical role for both owner and employee. Without it, a business owner can find themselves tied up in a costly legal battle. Meanwhile, a hurt employee can end up paying thousands out of their own pocket. This is why we have made a handy guideline about everything you should know about workers comp insurance.
What Is It?
Workers compensation coverage is meant to help employees who get sick or injured due to a work-related incident. This insurance helps pay for medical bills, lost wages and possible death benefits to the family of the deceased.
Why Does a Business Need Coverage?
Once an employee is covered by workers compensation insurance, they basically give up the right to sue you directly in case of injury. An agreement like this can end up saving a business time and money in the long term.
How Much Does It Cost?
The price of workers comp insurance depends on the type of industry. For example, a construction company may likely pay more than a florist shop. The rates can also depend on the past history of the company.
Workers comp insurance is not only a necessity but a requirement in many states. If you wish to start your own coverage, start working with an agency as soon as possible.