While most business owners are aware of workers compensation insurance, many of them don’t know what it entails and the guidelines surrounding it. For those who are in the process of starting a new business or simply need a refresher, here’s a simple breakdown of workers compensation.
What Is Workers Compensation Insurance?
Also known as workman’s comp, workers compensation protects your business in case an employee is injured or becomes ill because of work activities. This can range from a factory employee getting injured by heavy machinery to a data entry clerk developing carpal tunnel from a heavy typing workload. Your policy can pay for medical expenses, rehabilitation costs and lost wages while employees are unable to work.