what is workers comp insurance 

Business is booming and you’ve decided to open a storefront and hire an employee or two. Expanding your business is an exciting time but it often is a bit stressful as well. If you are new to being an employer, you may be wondering exactly what is workers comp insurance.

Who Needs It?

Whether you need workers’ compensation insurance depends on where your business operates, the type of company you run and how many employees you have. Some states require all businesses to have coverage. Others only require certain industries or those that employ a certain number of people to carry a policy. However, it’s smart to purchase coverage even if you aren’t legally required to.

What Does It Do?

Simply put, workers’ compensation ensures work-related injuries or illnesses you employees have. It is important to note that work-related covers situations that occur outside of work in some cases. For example, an employee who falls off a ladder is covered but so is an employee who develops repetitive stress injuries over time. The policy provides wages and medical coverage to employees while they recover.

Now that you’ve answered “what is workers comp insurance,” it’s time to start searching for a policy. Seek an agency that is licensed, experienced in business insurance procedures and willing to assist with a return to work program.

The Basics of Workers’ Compensation Coverage