Here is an aricle that gives small business owners some answers to the following questions;
What is worker’s compensation?
Why do you need worker’s compensation insurance?
Who is required to have a workers’ compensation policy?
Where do you get workers’ compensation insurance?
How are premiums set for workers’ compensation?
How much does a workers’ compensation policy cost?
As a small business owner, you hear about all kinds of insurance that you should have. One of the most important is workers’ compensation insurance. (In fact, it may be mandatory in your state.)
So what exactly is workers’ compensation? And why do you need insurance to cover it? Let’s go through the basics.(This in no way attempts to cover all workers’ compensation rules, so be sure to consult with a professional if you have specific questions regarding your obligations as an employer.)
What is workers’ compensation?
As an employer, you’re required to take reasonable care to make sure your workspaces are safe. But accidents happen. Workers’ compensation ensures that employees who suffer from job-related injuries and illnesses get the medical care they need — as well as wage replacement while they’re unable to return to work. Workers’ compensation kicks in regardless of who is at fault, whether it’s an employee, the employer, co-workers, or even customers. In exchange for these guaranteed benefits, employees have limited rights to sue the employer for damages for those injuries.
Workers’ compensation is a state-regulated program, so statutes in each state determine what kinds of injuries and ailments are covered, how these issues are to be evaluated, how medical care is to be delivered, and the amount of benefits an employee may receive.
Why do you need workers’ compensation insurance?
It’s important to check whether workers’ compensation insurance is required in your state. Failure to carry this insurance or otherwise meet state regulations can leave an employer exposed not only to paying these benefits out of pocket, but also to paying penalties levied by the state.
To discover what your business needs for Workers’ Compensation Insurance, contact PM Insurance Services at at 818-365-3139, or contact us here.