If you are starting a business, then you have a list of questions that need answering. One important question to ask is “What is worker’s compensation insurance?” If you are transitioning from being an employee to being your own boss, then you might have some experience with this. Otherwise, it could be uncharted territory. Here are some things you need to know.
Worker’s comp doesn’t just cover medical expenses. There can be a long period where your employee is out of work and recovering. This could include surgery recovery time and physical therapy. You may need a temporary replacement or need to reshuffle your remaining employees. These return-to-work issues are covered in some programs and are important to consider when choosing your coverage.
Worker’s comp is meant to protect you and your employee. You shouldn’t go out of business nor should your employee go bankrupt due to a work accident. The best coverage responds quickly to your claims and outlines precisely what is and isn’t covered. That way there is no guess work and it’s easier to plan for future incidents.
These two answers are a good place to start when investigating the question: What is worker’s compensation insurance? This coverage is important for any business with employees. If that describes your company, it’s time to start learning.