Workers Compensation Insurance

Running your own business is full of different expenses and if you have employees the number of expense go up. You must by law have some form of workers compensation insurance to take care or your employees if they get hurt on the job. Good workers comp insurance not only protects the employee, but it also protects you and your business financially if an employee is seriously injured will on duty. While it should not be confused with health insurance, workers compensation insurance is intended to cover medical bills and lost wages when one of your employees gets injured while on the clock. It also covers any work related illnesses that are contracted as a direct result of the employee performing the normal duties his job entails.

State laws vary and depending on the state you have your business in, the coverage you are required to have, where you can obtain it and how much will cost you can vary greatly. Before the advent of workers compensation insurance in the early 20th century the only way most employees could get their employer to cover their medical expenses and lost wages was to sue them in a court of law. It was up to the injured employee to prove to the court that the negligence of the employer was the cause of their injury. If successful it could leave the employer bankrupt trying to cover the costs, if not successful it could leave the employee unable to work and destitute for the rest of his life. With workers compensation insurance no one is considered at fault, this way the employee can get the medical treatment he needs and know that any wages that are lost as a result of the accident will be paid. It also guarantees that except in certain circumstance the employer will not have to worry about becoming involved in any lengthy and costly lawsuits.

The type of benefits available to the employee vary from state to state and from one insurance carrier to another, but the law requires that all insurance policies cover medical costs, lost wages and minimum disability. While every state requires employers to carry some form of workers compensation insurance for their employees, where they purchase their insurance from and what it covers is different in each state. Depending on where your business is located you may be able to buy insurance through one of many different private insurance companies or you state may offer some form of State Compensation Insurance Fund to help keep costs down. If you can prove the financially ability you may also be allowed to provide your own in house insurance, but you must by law have some form of insurance. It is important that you are able to offer your employees the best coverage you can for the money you have to invest in workers compensation insurance. If you are looking for a broker to help you find the best insurance for your company turn to California Worker Comp who can provide you with more information and free quotes to help you make the right choice.