Workers compensation is a type of insurance that is intended to help protect your business and your employees in the event that someone becomes injured on the job. It helps to pay for medical expenses and part of any lost pay after a work related injury suffered by an employee at a work site. It also helps to protect your business from being responsible for any lawsuits that result from a worker’s injury. If you are a business owner in San Diego, California, and have questions about workers compensation insurance, Windfall Insurance Services, Inc. can help. Read on to learn more about how workers compensation works.
Workers Compensation: How It Works
Workers compensation is required by most states, and it provides a business’s employees a specific amount of coverage for any workplace injuries and has restrictions on when a worker can sue their employer. If an employee becomes injured at work, they must report the issue to their employer within a specified period of time. A company or business will then file a workers compensation claim with their insurance provider and then the benefits will be given to the injured employee, and the amount will depend on how severe the injury is. A typical workers compensation policy will cover costs associated with immediate medical treatment, (surgery, doctor visit, medication, etc.), disability and lost wages if an employer is unable to work, rehabilitation for more extensive injuries, as well as survivor benefits if an employee passes away due to a work-related injury. The cost of workers compensation depends on several factors, including the location of your business, your claims history, the number of employees your business has, and the type of work that they do.
Who Needs Workers Compensation Insurance?
Although workers compensation requirements vary by state, most situations generally depend on the number of employees a business has, the type of industry of the business, and the business structure. If a business has no other employees besides the owner, they may qualify for an exemption, however even if a company does qualify for an exemption, it is still a good idea to have some type of coverage in order to avoid a lawsuit. Some small businesses that hire family members or close friends believe that they will not need workers compensation to cover them, and sometimes small contractors don’t think that they need workers compensation, however it is necessary to obtain the insurance in these situations to ensure that your business is fully protected from financial loss.
Get Assistance With Workers Compensation
Workers compensation is essential in helping protect your business and your employees. If you are a business owner in San Diego, California, and want to learn more about your insurance options, contact Windfall Insurance Services Inc. today for a consultation.