Workers Compensation Insurance

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Workers' Compensation Insurance

Tips & Advice to help you make your decision on Workers' Compensation Insurance

Are you looking for affordable workers' compensation insurance? Finding the right insurance for your workers is essential to any business. Workers comp covers the medical bills and cost of living for employees who are injured on the job, because this can often get expensive, most businesses and small businesses in particular need to be sure they have coverage if something should occur where the workplace is liable or where an employee is no longer able to work do to injury.

You may have a number of options when choosing the workers comp that is right for your company. There are a few things you will want to think about prior to making your choice. The size of your company often makes a difference when choosing the sort of workers comp you need, and some areas legislate that companies of a specific size need to have this sort of insurance. Other things to look at are risk level and past claims. Naturally you want to find an insurance provider who will offer a good price, but who will also provide the coverage needed. It is important to look at a company's reputation before purchasing insurance from them.

Business.com offers a number of quality links to help you find the right insurance company.

View the links to the left and find workers' compensation insurance.

Workers Compensation Insurance Key Terms

Every state, with the exception of Texas, requires businesses to carry workers compensation insurance. There are two main reasons companies are required to have this insurance. The first is to ensure that employees who are injured at work are taken care of financially. Typically, injured employees are eligible to have their medical expenses covered as well are receive a portion of their pay. The other purpose of workers compensation insurance is to protect employers from potential lawsuits from injured employees. It is vital to know the basics of workers compensation since there are legal requirements for almost every state.

Workers compensation insurance is an insurance policy carried by businesses that covers the medical costs and a portion of lost wages for an employee who is injured on the job. This insurance is required by law in every state.
Try: For a general overview of workers compensation and all of its components, go to Insurance Information Institute. It's a great place to start. For an overview of workers compensation laws in your specific state, visit Workers Compensation Insurance.com.

National Council on Compensation Insurance

The National Council on Compensation Insurance is the country's largest collector of workers compensation data, training and legal updates.
Try: NCCI Holdings is the company that oversees the National Council on Compensation Insurance. Anyone interacting with workers compensation insurance will want to be familiar with this resource well.

Employer's liability coverage

Employer's liability coverage covers the company and its officers and directors from lawsuits filed by employees. This type of insurance can cover many different types of claims, including workers compensation.
Try: A great overview of this type of coverage can be found on the TechInsurance website.

Waiting period

A waiting period within the realm of workers compensation requires an injured employee to wait a specified number of days before any benefits are paid to that employee. The purpose is to decrease frivolous claims. Each state has different waiting period requirements.
Try: For detailed information on how waiting periods work, see HRS.

Personal injury

Again, the exact definition of personal injury varies from state to state. In general, personal injury results when an injury occurs to an employee at a specific date and time while the employee is performing work-related duties.
Try: For a list of the most common types of personal injury claims, visit Legaltarget.com.

No fault

Workers compensation laws are built around the concept of no fault. This means that fault on the part of the employee or the employer is really immaterial. Of course there are some instances, such as intoxication, where fault does come into play.
Try: There is a good overview of the no-fault system at Elay Law Firm. Although this firm is based in Colorado, the overview applies to all no- fault systems.