Whether you’re a small business owner with employees or a contractor who works alone, investing in workers' comp insurance is essential to your safety and financial stability. Without a policy in place, you may find yourself in one of the following scenarios:
Getting a workers’ comp insurance policy can provide peace of mind and free you from any of those previous scenarios. Workers’ comp provides protection from lawsuits and covers medical bills and lost wages related to the injury.
Let’s take a closer look at the workers' compensation laws in all 50 states.
Before making the investment, it’s important to understand the law of the workers' compensation land.
“Each state has an agency set up to manage their individual workers’ compensation programs,” said Kevin Hess, partner at a management-side labor and employment law firm, to Business News Daily. “Those agencies generally have a wealth of information available to employers to assist them in ensuring they are compliant with the necessary workers’ compensation requirements.”
Since workers’ compensation laws vary from one state to another, we’ll break down the most important common elements behind these rules.
The following are requirements that must be met if someone wants to receive workers' compensation benefits:
In some cases, the injured worker must also attend all doctor’s appointments and medical assessments while out of work.
Employees or contractors are expected to keep all documentation well organized with proper record keeping and reporting. Requirements include:
Violating any of the previous requirements can result in a hefty fine. For example, in the state of New York, the penalty can cost a business upward of $2,000 just for violating workers' compensation laws and regulations.
Navigating workers' comp insurance can be tricky when you’re a first-timer. If you own a business and need a workers’ comp policy, either by law or for the protection it provides, reach out to Kickstand Insurance. We can help you find the right workers' comp insurance based on your line of work and team size.
Get your instant quote today and start shopping for coverage.
Note: The information provided in this blog is intended for general informational purposes only and is not a substitute for professional legal or insurance advice. Laws and regulations regarding workers' compensation insurance are complex and vary by state and by specific circumstances. Therefore, readers are encouraged to consult with a qualified legal or insurance professional to obtain advice with respect to any particular issue or problem they might have.
Mordechai Kamenetsky, co-founder and lead agent of Kickstand, is recognized as an expert in workers' compensation. He is passionate about helping small businesses manage risks and lower their workers' comp costs. In his articles, he educates readers and clients on the intricacies of workers' comp insurance.