Workers' Compensation Insurance
How does workers' compensation insurance work?
First, worker's compensation insurance may be regulated by state law. You will be required to purchase the coverage. There are some exceptions to workers' compensation requirements, so working with someone familiar with your state and its current guidelines is essential. Failure to comply with regulated coverage will involve punitive action and hefty fines.
Even if you are not required to carry worker's compensation insurance, your ultimate responsibility should be to protect your workers and their families. Workers' Compensation pays for the medical expenses, lost wages, and rehabilitation costs of employees injured or ill because of their jobs. It also protects an employee's family by paying benefits if their loved one is killed on the job.
Many businesses notice the benefits of effective safety programs through enhanced ratings for workers' compensation premium dollars due to claim fee experience. This incentivizes the employer to promote safer work conditions and environment.
Employer's Liability Insurance
Another aspect of workers' compensation coverage is Employer's Liability, which protects the employer against suits for damages due to negligence in the workplace. Business owners often feel exempt from legal liability simply because they fall under an exemption under the law. Still, a worker's family could sue and hold you responsible for their loved one's injuries. This puts an employer at risk of lawsuits for medical bills and lost wages, which creates a risk of financial failure in business. Keeping workers' compensation and employers' liability coverage in place helps protect against substantial monetary loss to a business.
Loomis Insurance is committed to helping you understand your workers' compensation risk and can show you that quality insurance coverage is affordable.
Insurance in Missouri, Arkansas, Oklahoma, and Kansas
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