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Workers compensation insurance provides medical benefits and wage replacement to those employees who are injured during the course of their employment.
Workers Compensation is Mandatory By Law
Maintaining workers compensation insurance is mandatory for employers in most states. The employer as well as the employees is protected by the workplace accidents by workers compensation laws in each State.. Employers are required to allocate the funds to an insurance policy for workplace injuries. The act provides benefits to employees in case there is a workplace injury. Workers Compensation insurance provides for the medical treatment of the injury along with some payment of supplementary wages if the employee is out of work for a period of time.
Workers Compensation Impacts Business Profitability as Well
Even when the business is not required by the State to carry workers compensation insurance because of the size of the business, opting for a workers compensation insurance policy can affect the business in a positive manner.
Consider a situation when you have not opted for workers compensation and a worker is injured in an accident at workplace. Not being required to carry workers compensation insurance by the State does not relieve the business of its responsibility for the injuries to the employee. Opting for the workers compensation insurance would provide the protection to the business and its fiancial stability and profitability by limiting the exposure to work related injury and illness.