If you are a business owner, workers compensation insurance can make all the difference for you and your employees. With that in mind, in today’s blog post, we will provide you with a thorough understanding of what workers compensation insurance is, what it covers, and why it is important.
What Is Workers Compensation Insurance?
Workers compensation insurance is a policy that provides financial benefits to employees who suffer injuries or illnesses while performing their job duties.
This type of insurance is typically required by law and varies from state to state. Employers are required to purchase this policy on behalf of their employees to protect both parties in the event of an accident.
It’s worth remembering that all California employers must provide workers’ compensation benefits to their employees under California Labor Code Section 3700.
What Does Workers Compensation Insurance Cover?
Workers compensation insurance usually covers several types of injuries, including accidents that occur on a job site, illnesses contracted from exposure to hazardous materials, and injuries resulting from repetitive motions.
The benefits provided through workers compensation insurance may include medical coverage, wage replacement, disability benefits, and death benefits.
It is important to understand that workers compensation insurance is a no-fault system, meaning that the injured employee does not have to prove that the employer was responsible for the injury. In exchange for providing these benefits, employees waive their right to sue their employer for damages.
How To Get Workers Compensation Insurance?
Employers who are required to purchase workers compensation insurance will typically work with an insurance broker or carrier to find a policy that works for their business.
Premiums for workers compensation insurance are based on several factors, including the type of industry and the size of the company.
If you are interested in workers compensation insurance, contact our experts at Carter Bradley today. Our team stands ready to answer your questions and help you build a policy that makes sense for you and your organization.
To learn more about other types of insurance available to business owners, read our previous blogs, “What Is Directors and Officers Insurance and Who Needs It?” and “What Is Commercial Auto Insurance?”
Looking for Directors and Officers Insurance? Carter Bradley Insurance Solutions Can Help
At Carter Bradley, our team is solely focused on your unique needs to find the best prices and coverage you require for your business, home, auto and life insurance.
We are located in Corona, California. Contact us today by email at info@carterbradleyinsurance.com, by phone at (951) 547-4240, or through our social media accounts on Facebook, Twitter, and LinkedIn.
