Workers Compensation Insurance
What is workers' compensation insurance?
Workers' compensation insurance, also called workers' comp insurance, helps cover medical expenses and lost wages for small business owners if an employee is injured or becomes sick. This coverage can include rehabilitation services and death benefits too. Workers' compensation insurance is also called workman's compensation or workman's comp.
How does workers' compensation insurance work?
Workers' comp is designed to help protect both employees and businesses. Employees get peace of mind that they'll receive financial protection and medical care if they are injured on the job. For employers, it significantly mitigates the risk of being sued by employees, reduces liability, and protects them from a major financial loss due to employee injury.
Works Comp Definition
Workers' compensation insurance is a property and casualty insurance product legally required for most business owners when they hire one or more employee(s). A policy will protect a business from lawsuits related to employees who become injured or ill on the job. It will also pay for medical care and replace a portion of missing payroll wages when employees are unable to work due to an accident.
The cost of this insurance is always paid for by the business. A policy helps keeps your business compliant with state regulations. Premium and rates are based on gross employee payroll and the class codes used to classify job duties and the nature of the business.
What are the requirements for workers' compensation insurance?
Most states require businesses with 1 or more employees to have workers' compensation insurance. As a business owner, you want to protect your business, yourself, and your employees from unforeseen accidents and prevent business interruption.
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More Info on Workers Comp Insurance
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Coverage varies by state but we've listed some examples of things usually covered. For a complete list of what's covered in your state, please see your policy contract.
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In general workers' comp covers employees', owners', and officers' injuries or illness caused by their job. Examples:
Lost Wages
Medical Expenses
Rehabilitation Expenses
Death Benefits
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Some injuries usually aren't covered by a workers' comp policy. A few examples are:
Ones due to an employee being intoxicated or using illegal drugs
Injuries that occur while not on the job
If an employee's conduct violates company policy