What is Workers Comp Insurance for Small Business?
Workers’ Compensation insurance is a property and casualty insurance product required for businesses with one or more employees. Workers’ Compensation insurance is coming soon to Coterie Insurance!
Workers’ compensation coverage protects both the employer and the employee in the case of an injury incurred at work. Employees are protected as the insurance policy will pay for medical bills related to the injury, as well as lost wages due to being unable to work. Small business owners are protected by limited financial coverage for legal fees and damages.
Workers’ compensation coverage includes medical care for employees injured (or who contract an illness) during work. If needed, workers’ compensation policies also cover rehabilitation to get the worker back to health and back to work.
If the impacted worker is unable to return to work, workers’ compensation insurance can cover disability benefits. In the event of a fatality at work, the policy pays out death benefits to the survivors. Lastly, if a workers’ compensation claim is challenge or the small business owner is sued, the policy would defend and indemnify the employer.