If you are an entrepreneur, you may know more about your product or service than you do the administrative parts of running a business. If your company has employees, however, you should think about workplace injuries. What is workers compensation insurance? Simply put, it offers wage and medical benefits to employees who have sustained injuries at work.
Why Have Workers Compensation Insurance?
Even if your workplace isn’t particularly dangerous, workers compensation insurance helps protect you if employees are injured on the job. Essentially, when employees decide to receive wage replacement payments and compensation for medical treatment through a workers compensation insurance program, they agree not to sue employers for negligence. Since those suits can be costly, many small business owners opt for purchasing coverage. Further, in many places and some industries, workers compensation insurance is required by state or federal law.
How To Find Out More About Workers Compensation Insurance?
Workers compensation is complicated. Instead of typing, “what is workers compensation insurance,” into an internet search engine, you can get comprehensive information by working with a knowledgeable agent. When looking for the right provider to assist your business, try to find one that services other companies in your industry.
While trying to understand workers compensation insurance can seem daunting, it doesn’t have to be. With the right agent, any small business owner can make informed insurance decisions.