If you have a business that comes with inherent risks for your employees, you should probably look into getting workers compensation insurance. This insurance is designed to protect you and cover your employees’ costs if they get injured while at work. It can save you a lot of time and money to invest in this insurance, even if your state does not require it for your business. Here’s a rundown of what workers comp means for you as an employer.
There are several advantages to having workers compensation. The first is simply that your employees will have their extra costs covered if they are injured at work. Coverage ranges from medical expenses, lost wages and funeral expenses. A second benefit of getting coverage is that your employee cannot sue you for an accident that results in their injury. That way you can keep a peace of mind if an employee gets hurt because you both will be taken care of.
Before you search for insurance, you should take an assessment of the number of employees you have, the extent of payroll and the type of work employees do. You should also check your state laws to see what they require for workers compensation insurance. Decide if you want private or state-funded insurance, and then get it with the company directly or go through an agency. If you have concerns about coverage, talk to a lawyer near you (e.g., Iowa workers compensation attorney).
Exemptions From Workers Comp
While insurance covers many things for your employees, it may not apply to every situation. For example, if an employee started a fight or intentionally got hurt, their claim may be disputed. Having workers comp is not an excuse for acting negligently at work or ignoring company safety policies. The insurance company will investigate each claim to make sure everything checks out.