Do You Need Workers Compensation Insurance?
Looking for workers compensation insurance? A business needs workers compensation insurance in large part because it is required by law
. Every state has workers compensation insurance laws that detail how much and what type of workers compensation insurance a business needs to buy. The laws do vary from state to state, so you'll need to search a bit to find out exactly what your business needs in its policy.A few states require every business to purchase workers compensation insurance through the state. This makes your search very simple since there is only the one provider. But most states have more complex laws in which the state may be a provider of last choice if no insurance company will offer you a policy. This generally only happens if you have had many accidents at your business and you have been labeled an "assigned-risk" business. So for the most part, a business owner can go online and search for a quote for workers compensation insurance from any of the many insurance companies that will provide a policy.
Workers compensation insurance laws grew out of the early union movement and provide a way to manage risk in an accident prone world. Any worker in any business can suffer an accident, but of course it is in the construction and manufacturing industries that workers comp laws are most necessary. These are the fields where an accident can have very serious consequences, and a lawsuit can reach into the millions. A big lawsuit does little to help anyone, neither the worker nor the business. The delay in getting compensation for the worker extends his suffering when he could be recovering from the accident. And the threat of a huge settlement casts a pall on the business, possibly to the point of decreasing the amount of business that can be done.
Workers compensation insurance laws are a way to make a bad situation more manageable for both the worker and the business. By taking out a workers comp policy, the business guarantees that it will not have to suffer an extreme financial set back. By agreeing to be covered by a workers comp policy, the worker ensures the he or she will receive compensation for an accident, and in a timely manner. No one wants to have to deal with a damaging accident in life, but workers compensation insurance has been worked out as a way to reduce the worst parts of the problem for all parties involved.
So, the bottom line is that workers compensation insurance laws have been put in place to smooth out a bad situation. This means that every business must include workers comp as an expense in their business plan in order to reduce overall liability. So, do an online search to get a quote for workers compensation insurance, and get more than one quote to compare prices and policies. Since most states' laws mandate coverage through private insurers, there is some competition in the field, and you should be able to find a quote that meets your needs.
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