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Is Workers’ Compensation the Same as Liability Insurance?

Although they may seem similar on the surface, workers’ compensation insurance is not the same as liability insurance. It is common for most businesses to own both of these kinds of insurance and that is because they do not cover the same incidents. Understanding these differences is key to understanding why both are important and how they can protect both your business and all those who visit and work in it.

Firstly, although they both cover bodily injuries, workers’ compensation and general liability insurance cover them at different times. Workers’ compensation insurance specifically covers the medical costs of employees that are injured, while liability insurance instead covers those that visit the site. Essentially, they cover the same thing, but for different groups of people. That is why, if a business was to play it safe, it would be wise to carry both and be secure no matter the incident.

Additionally, liability insurance is able to cover other incidents that can occur with people who are on site or are influenced by your business. For example, legal fees that are a result of a libel or slander case or property damages are covered under liability insurance, but not workers’ compensation.

Finally, workers’ compensation is well regulated by the State, whereas liability insurance does not have as much regulation behind it. As a result, workers’ compensation insurance will cost differently depending on the number of employees and the size of the company, while the other does not take these factors into consideration.

Both workers’ compensation and liability insurance are important aspects of protecting yourself and your employees. If you have any questions about these, it is best to consult with an insurance company, however if there are legal considerations, or if an incident has occurred that requires the skills of an experienced attorney, we at the Franco Firm are here to help. To learn more about the services we offer, please call us at (813) 872-0929.

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