What is Workers Compensation Insurance and What Does It Cover?

As a small business owner, you may be asking yourself: What is workers compensation insurance and why do I need it? Workers compensation insurance is required by law for most businesses. Here is a quick overview of what it covers.

What is Workers Compensation Insurance?

When your employees are injured on the job, you may be held liable for their injuries and subsequent recovery. Companies that use machinery such as forklifts and table saws clearly present known hazards to their employees. However, even if a copier is the largest machine your company uses, there is always potential for accidents.

Insurance protects both you and your employees in the event of a workplace injury. It also protects your employees’ families when the injury leads to unconsciousness or fatality. As a business owner, you pay a deductible when an injury occurs and the insurance company takes care of the details.

What Injuries Does Workers Compensation Insurance Cover?

Your insurance covers any costs associated with the injury such as:

  • Medical treatment
  • Lost wages
  • Physical therapy
  • Legal fees

Insurance also helps your employees return to work after the injury, especially if you need to purchase new equipment to accommodate their needs.

For more information, call your local provider and specifically ask: What is workers compensation insurance and do I need it to run my business? Your provider can determine whether you need insurance and discuss your options.

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