Five Popular FAQs When it Comes to Worker’s Compensation Insurance
As a business owner, you want to do everything you can to protect your employees, especially in the event of an on-the-job illness or injury. That’s where workers’ compensation comes in.
What is Workers’ Compensation?
Workers’ compensation is insurance that benefits employees should they become injured or ill from a work-related cause. It provides financial ease to injured employees while protecting employers from potential damages.
What Does Workers’ Compensation Cover?
Coverage can vary but typically includes costs related to the injury or illness, including medical expenses, lost wages, and compensation. Employers’ liability insurance is generally included in worker’s compensation to help employers pay for legal fees, including court costs and settlements.
Who Needs Workers’ Compensation Insurance?
Most states require businesses to carry workers’ compensation insurance if they have employees. Whether your company has two employees or 200, Massachusetts requires employers to provide workers’ compensation insurance. Employers operating without Workers’ Compensation in Massachusetts may be subject to fines, litigation, and criminal charges.
How Much Does Workers’ Compensation Insurance Cost?
The cost of workers’ compensation will depend on several factors, including the size of your business, the nature of the work you perform, and the number of employees you have on your payroll. But, in general, it’s affordable – especially considering its protection and peace of mind.
Where Can I Get Workers’ Compensation Insurance?
You can purchase worker’s compensation easily these days, be it online, through your local insurance agent, or over the phone. At LBP Insurance, we can help you determine the coverage you need to protect you and your employees.