Why Businesses Need Workers’ Compensation Insurance
Business owners know insurance protects employees and the company, but it can be challenging to know what to include in a policy. One thing a company should always have is workers’ compensation. What is workers’ compensation insurance and how can it benefit your business?
The Basics and Benefits of Workers’ Comp
Workers’ compensation insurance protects employees from illnesses, injuries and death associated with an accident or condition in the workplace. As such, the business is responsible for the costs related to the inciting incident. Most states make it a requirement for a company to have this type of insurance, which can cover the following items:
Rehabilitation treatment costs
If a business does not have workers’ comp as part of their insurance policy, the company must pay these costs with company money. On top of that, the business may also be subjected to lawsuits and state fines for not complying with regulations. In that sense, this insurance protects your business as well as your employees.
What is workers’ compensation insurance? It is a protective measure for both your employees and your business in the event of injuries or illnesses, fatal and otherwise. To keep your business and your employees safe, you should include workers compensation insurance in your commercial insurance policy.