One of the vital components of business insurance is workers’ compensation insurance. This coverage is not only required by law in many states, but it also helps you in case of a number of different situations. Without this policy, your business may be in danger of financial downfall after all is said and done. After seeing its importance you may be wondering, “What is workers compensation insurance?” Well our guideline will help take care of any doubts.
Securing Your Employees’ Safety
Lets take as an example any regular office space. Even with its apparent safety, this location has several spots where injuries can occur to employees. For example, leaky plumbing could lead to a slip in one of the bathrooms, an old ceiling tile can fall and hurt an employee or decades of office work can create carpal tunnel in a secretary.
Any of these workers can sue your business and claim that their injury was your fault. If a judge agrees, you may have no other choice but pay for their medical expenses. Even if their claims are exaggerated you may likely pay expensive court costs.
With workers’ compensation insurance, your wallet is secure during any sort of litigation or employee death.
Now that you have this general information, you won’t have to walk into an insurance and have to ask what is workers compensation insurance. You can start building your insurance plan as soon as possible.