If you’re a newer business owner and you’ve just hired employees for the first time, then you’ve probably been hearing about worker’s compensation insurance. It has left you wondering, what is worker’s compensation and how does it work? You may even be wondering if it’s completely necessary, or if it’s just a waste of money! Don’t worry. We’re here to answer all of your questions about worker’s compensation insurance and then some.
If you’re new here, we’re a team of top-rated insurance professionals. We love educating people about insurance so they can feel more confident about their insurance decisions. So, let’s talk about worker’s compensation. First, let’s find out: what is worker’s compensation and how does it work? Then, we’ll answer a few other commonly asked questions about worker’s compensation policies. Finally, we’ll tell you how you can start comparing policies with a certified insurance professional for free!
Alright, first things first: what is worker’s compensation and how does it work? Worker’s comp is a type of insurance policy that provides medical and wage benefits to people who become injured or ill on the job. It’s a great way to protect the most valuable part of your company: your employees.
More specifically, worker’s comp covers lost wages, medical expenses, and rehabilitation costs to employees. So, if any of your employees are injured on the job, then your worker’s comp policy will cover the costs of their medical treatments.
We’ve answered the question: what is worker’s compensation and how does it work? Now, do you actually need worker’s compensation?
Yes! If you have employees, then you need worker’s comp insurance. Worker’s comp is one of the only ways you can protect your employees. But it’s not just a wise investment. It’s actually a requirement in most cases!
With a small number of exceptions, all states require businesses with employees to purchase worker’s comp coverage for their employees. Businesses that fail to do so can face serious consequences. These consequences could include fines, legal claims that you would have to pay out of pocket for, or even imprisonment! You could even lose the right to conduct business in that state!
Bottom line: if you have employees, then you need worker’s compensation insurance. Don’t put yourself and your employees at risk by not having the appropriate coverage. If you’re not fully covered, then it’s time to get covered right away!
Ready to get covered? We’re here to help! Like we mentioned earlier, we’re a team of top-rated insurance professionals. We make it easy to find the perfect policy at the perfect price. Request your free consultation today, and ask us about getting set up with a worker’s comp policy. We’ll help you start comparing policies right away for free, and we’ll sign you up for a policy that works best for your wants, needs, and budget!