If You Have Employees, You Need Workers Comp Insurance
Workman’s comp coverage is required in all states across the country. It is coverage which will provide for medical care for an worker should he or she gets injured on the job. The coverage also defends the employer from having a lawsuit brought on by the injured worker.
Workers compensation insurance might extend to other incidents besides accidents in the workplace. The coverage of work comp insurance can safeguard the worker in other locations besides the place of employment, up to and including a vehicle mishap while working for you. The accident does not have to occur while on the premises. Illnesses may be covered also.
It compensates your employee for their time missed from work after injury, no matter who is to be at fault for the accident. In addition to the benefits mentioned above, it also provides a death benefit to the injured worker’s family. Individual states have unique and specific laws regarding workman’s comp.
When a company is seeking worker compensation insurance, they must buy the coverage independently from property or liability types of insurance. BOPs, or business owner’s policies, are usually offered as property and liability packages, but these policies do not include the required coverage for injured employees. This is sold separately.
The whole concept of workman’s comp insurance goes all the way back to the beginning of the twentieth century. Americans determined there existed a necessity for workers to be safe from on the job accidents and needed to be compensated for any injuries that resulted from their job. This was a consequence of the public outrage over awful operating environments in addition to the risks that accompanied certain lines of work.
Workman’s compensation is older than both unemployment and social security insurances. Most states adopted it in approximately 1910, as the state of California enforced it. It is a kind of ‘no-fault’ insurance because no one has to provide proof of the liability of the parties involved.
A few of the coverages which may be obtained, dependent upon the circumstances, include disability benefits, vocational rehabilitation, supplementary work displacement benefits, permanent disability coverage, short-term disability coverage, and payments in case of death.
