Workers’ compensation insurance provides benefits to injured workers by recovering their lost wages and paying for their medical expenses. This is an essential form of coverage to have, and by speaking with a workers’ compensation insurance broker, you can secure protection for your workforce.
What Does Workers’ Compensation Insurance Cover?
Most work-related injuries and illnesses are covered by the insurance. Specific areas of coverage include:
- Medical treatment
- Hospital expenses
- Lost wages
The insurance also covers employers who are sued by employees for work-related injuries. Coverage is not typically provided to workers who have self-sustained injuries or suffered injuries while not on the job.
How Much Coverage Should You Secure?
Most businesses are required to have workers’ compensation insurance, though exceptions are made for ones that utilize an extremely small workforce. How much coverage you need depends on the nature of your business. If your employees are engaged in low-risk activities, then you do not need to secure much coverage. On the other hand, if they work in a dangerous profession such as trucking or construction, higher levels of coverage are needed.
There are a variety factors that determine the type of workers’ compensation insurance you acquire. With the help of a workers’ compensation insurance broker, you can secure the right level of coverage for your company and ensure that your workforce is adequately protected.