Workers’ Compensation Insurance
As an employer, you pay for workers' compensation insurance and in return your business is covered for work-related accidents. Workers compensation insurance is the protection you need, as a business owner, to safeguard your most valuable asset—your employees! Because your employees provide you the services, skills, talent and “know-how” necessary to grow your business, they look to you for protection from injury at work while performing their job duties.
For example, if an employee is injured by a piece of equipment that malfunctions, or sustains a physical injury as a result of lifting heavy objects or materials, s/he may require medical treatment, time off of work to recuperate and even some way to cover lost wages. A workers' compensation insurance policy is designed to fit the needs of your company and will provide coverage for such events. Workers' compensation coverage can help pay for doctor, medical and hospital bills, make up for lost wages and cover rehab and other expenses. It helps you support your employee's return to work as soon as reasonably possible.
This coverage could also benefit the employee who may be unable to return to his/her current position, and is seeking transitional work, which may require training with new skills. Workers' comp insurance could also pay a long-term benefit to an employee who is unable to return to work at all.
Most every state in the US requires employers to provide Workers Compensation benefits to its employees.
Protection which provides benefits to employees for any injury or contracted disease arising out of and in the course of employment. All states have laws which require such protection for workers and prescribe the length and amount of such benefits provided.