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Workers Compensation Insurance: The Basics

Workers compensation is a policy that is issued to a business owner which provides insurance coverage for the costs of work-related injuries to their workers.You can visit to know more about workers compensation insurance.

This type of insurance pays for all type of costs associated with workers' injuries, for example, medical bills, lost wages, treatment, and permanent disability or even death.The advantages of a workers' compensation policy are set by the state's workers' reimbursement regulatory commission.

The premium is a percentage of your predictable or expected payroll for the policy term. Since the risk of injuries to employees varies with the type of work they perform, each business is assigned a specific categorization which represents the amount of danger in their industry.

There are basically 500 classifications which are already published by the state to cover every industry and business.

The premium rate for each classification is determined by the degree of hazard of injuries in the industry then it represents. i.e. a convenience store's premium rate is lower than a construction contractor's, and more than telemarketing firms.The different types of business insurance require some policies in order to protect company property against legal liabilities.

If you are operating a company, and employ any workers, you are required by the state labor commission to have workers' compensation insurance.

The only businesses which are not ready to follow this rule are the ones operated solely by the owners with no employees.In other words, if you have any workers including part-time help you must obtain workers' compensation coverage.

An employee is a person who works for the business and is not a legal owner.There is another main reason for you to have workers' compensation insurance, and that is to protect yourself from financial disaster.

The medical costs of treating an injured worker, the lost wages, and other costs associated with it could be the extremely big amount for any small or large business and could put their property in danger.

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