Workers’ compensation insurance is more than just a legal requirement—it’s an investment in your business’ and employees’ security. The exact requirements of your policy vary from state to state, but the general rule is that you must carry workers’ comp insurance that pays out if they’re injured at work.
Workers’ comp insurance can pay for:
- Medical bills
- Care costs
- Lost wages
- Funeral costs
- Death benefits
- Retraining costs
If you don’t have workers’ comp insurance and an employee gets injured on the job, you’re on the hook for all these costs plus any legal bills that come from a lawsuit. In addition, you’ll be required to pay harsh legal penalties for not having the insurance.
While you can get a standalone workers’ comp policy, it may be beneficial to bundle this coverage with other necessary business insurance, such as a business owners policy (BOP), commercial general liability insurance, or professional liability insurance.
The team at Antietam Insurance can help you assess your risks and design a workers’ compensation policy that will protect you and all your employees. Contact us for a quote!
In principle, the workers’ comp payouts will cover medical bills, care costs and a portion of any lost wages. Plus, in the worst-case scenario, workers’ compensation insurance will cover funeral costs and death benefits.
There are often harsh legal penalties for businesses that don’t carry workers’ comp. But, aside from that, workers’ comp insurance can also help your business, as it makes sure staff get adequate medical treatment that help them return to work fit and healthy.
Many workers’ compensation insurance policies go beyond the legal minimums and will also pay your legal costs if an employee sues over a workplace injury.
While you can get standalone workers’ compensation policies, you can also often buy workers’ comp coverage as an add-on to other policies, such as a business owners policy (BOP), commercial general liability insurance or professional liability insurance.
Our insurance experts are ready to help you determine the best method for obtaining proper workers’ compensation insurance for your business.