Workers' Compensation Insurance

How does workers' compensation insurance work?

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First, states regulate worker's compensation insurance, which you must purchase. There are some exceptions to workers' compensation requirements, so it's essential to work with someone familiar with your state and its current guidelines. Failure to comply with regulated coverage will result in punitive action and hefty fines.

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Even if you are not required to carry worker's compensation insurance, your ultimate responsibility should be to protect your workers and their families. Workers' compensation pays for the medical expenses, lost wages, and rehabilitation costs of employees injured or ill because of their jobs. It also protects an employee's family by paying benefits to them if their loved one dies on the job. 

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Many businesses notice the benefits of effective safety programs through enhanced ratings for workers' compensation premium dollars due to claim fee experience. Such programs incentivize the employer to promote safer work conditions. 

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Employer's Liability Insurance

Another aspect of workers' compensation coverage is the employer's liability, which protects the employer against suits for damages due to negligence in the workplace. Business owners often feel exempt from legal liability simply because they fall under an exemption under the law. Still, a worker's family could sue and hold you responsible for their loved one's injuries. The threat of a lawsuit puts an employer at risk for medical bills and lost wages, which creates a risk of financial failure in business. Keeping workers' compensation and employers' liability coverage in place helps protect against substantial monetary loss to a company.    

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Loomis Insurance is committed to helping you understand your workers' compensation risk and can show you that quality insurance coverage is affordable.

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Insurance in Missouri, Arkansas, Oklahoma, and Kansas 

The Loomis Insurance Agency provides custom insurance services and excellent customer support for companies, schools, churches, and non-profits in America's heartland. Read more about us or use the button below to contact us today.  
 

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