If you are a business owner or manager, you have no doubt heard of the importance of being able to provide workers’ compensation, which is the payment of medical expenses related to an injury sustained in the workplace, to employees. Moreover, to pay for these medical costs alone would be difficult for most companies, so insurance is usually required, so that it instead the insurance company that compensates employees. In fact, workers’ comp insurance is legally required in all but one US state, so it important to acquire it and keep it for your business.
Most of the time, workers’ compensation insurance can be purchased from designated and official insurance companies. Sometimes, insurance carriers be of their own companies, rather than mixed with other forms of insurance, but you’ll also often find insurance companies that carry different kinds of insurance specifically to businesses. For example, some insurance companies will offer both workers’ comp insurance and general liability insurance, which can usually be purchased in tandem.
In some situations, large companies can self-insure themselves. This is doable, but needs to be set up properly within a company, so it is a good idea to seek out a business expert on this if you plan on taking your business down this route.
Due to the fact that workers’ comp insurance carriers vary by state, it is a good idea to seek out those that are familiar with your area. Local carriers or state approved ones will have a better understanding of how the workers’ compensation law works in that state and thereby will save you trouble should an incident occur.
If you do run into any legal concerns, we at the Franco Law Firm have also been in the field of workers’ compensation for a long time and would be happy to support you as well. To learn more about the services we offer and to schedule a free consultation with us today, please call us at (813) 872-0929.