If you run a business that has employees, it is vital that you make sure you have all the necessary insurance coverage that is required for businesses with workers. Part of this insurance coverage is a type of insurance called workers comp insurance.
What Is Workers’ Comp Insurance?
Workers’ comp insurance, short for workers’ compensation insurance, is a type of insurance coverage that is designed to protect workers and their employers in situations where an employee is injured while working. Workers’ compensation insurance can cover things like medical bills, missed wages, long-term care, and even death related costs. This type of insurance coverage is usually mandated to have.
What Businesses Can Benefit From Workers’ Compensation Insurance?
In short, any business that hires workers should absolutely have workers’ compensation insurance. All it takes is one small mistake to leave a worker seriously injured and you are going to want coverage if that happens.
How Much Does Workers’ Compensation Insurance Cost?
The cost of workers’ compensation insurance can vary widely. The price you will pay is determined by a number of factors. Some of these factors are:
- Your location
- Your claim history
- The number of workers you have
When employees get injured on the job, there can be a lot of costs involved. Workers’ compensation can help.