Workers compensation insurance is coverage that probably should be part of your overall business insurance plan. While most types of insurance protect the policy holder, workers compensation, or workers comp, is designed to protect a business owner (who holds the policy) and their employees.
For employees, it can cover medical expenses and lost income if an employee gets hurt or sick while on the job.
At the same time, it can financially protect employers from lawsuits that could be filed by an injured worker.
For instance, one of your employees could injure their back lifting equipment onto a truck. Or someone working for you could get injured falling from a ladder or slipping on a wet floor.
Your workers compensation coverage — which typically includes employers liability insurance — could potentially pay your employees’ medical bills (including rehabilitation expenses), as well as cover their lost wages.
Workers comp is generally required in every state except Texas. And it often applies to full- and part-time employees. These requirements could change after this article is published so it is always best to double check with your applicable state and county.
Workers compensation can cover the following:
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*Harborway Insurance policies are underwritten by Spinnaker Insurance Company and reinsured by Munich Re, an A+ (Superior) rated insurance carrier by AM Best. Harborway Insurance is a brand name of Harborway Insurance Agency, LLC, a licensed insurance producer in all 50 states and the District of Columbia. California license #6004217.