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June 15, 2021

What exactly is Workers’ Compensation Insurance? What coverage does it offer my business?


Workers’ Compensation Insurance is most commonly referred to as “Workers’ Comp” As a business owner, this type of insurance is vital to protect your business from potential catastrophic liability. Workers’ comp insurance will cover medical expenses and some of the lost wages for an employee who becomes ill or is injured on the job. This type of coverage can also cover rehabilitation for an employee’s illness or injury and also death benefits.

Knowing how workers’ compensation insurance works is important. Every state has different workers’ comp laws that employers must comply with. This is to protect the employees and ensure that employers provide coverage. The benefit can only be received if an employee’s illness or injury is related to their duties on the job or employment. Workers’ comp can cover situations like injuries from heavy lifting, slip and falls at work, etc. If an employee is injured outside of the scope of their employment, then this type of insurance won’t cover them.

Not only is workers’ comp insurance required by most states, but if you decide not to carry this insurance it can put your entire business at risk financially. You could potentially face a lawsuit for an incident in your workplace as well as being fined. Workers’ comp protects your employees, but it also protects your business from being sued by an employee. If you have the insurance the law requires and your employee accepts that benefit, they can’t come back and sue your business. These are all very important factors in protecting your business in the future.

When your business is covered by the addition of Workers’ Compensation Insurance, you can protect your business and support your employees. The professionals at Koch Insurance will consult with you about your business’s unique needs, answer questions and help create the right insurance policy for you and your company. A comprehensive insurance plan including Workers’ Compensation Insurance will leave nothing to chance and your business can continue to grow with peace of mind.

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