Why You Need Workers Comp Insurance

Workers Compensation Brokers

Despite our best efforts to stay safe on the job, accidents still happen. And often, those accidents result in injuries that can put an employee out of commission for some length of time. That’s where workers compensation insurance comes in. Often purchased through a workers compensation broker, this type of insurance aims to protect both employees and businesses.

Protection for Employees – Without workers comp insurance, an employee who gets injured while performing their work duties would face a huge financial burden. The insurance, however, prevents that possibility by providing a variety of relief, including, payment for medical services, wage replacement and vocational rehabilitation.

Protection for Businesses – A business that does not have workers compensation insurance is at risk of having to pay medical bills of injured employees and other costs out of pocket. That can amount to tens of thousands of dollars. Also, employers liability insurance – a secondary coverage your workers compensation broker can discuss with you – shields employers from legal fees, settlements and judgments that could result from an employee injury.

Compliance with the Law – In the vast majority of states, employers are legally bound to carry workers compensation insurance. Depending on what state a business is located, the requirement to purchase workers comp insurance may be triggered when just one employee is hired or after several employees are hired.

Having workers compensation insurance isn’t just a good idea – in most places, it’s the law. Talk to a workers compensation broker to determine what level of insurance you need.