Accidents happen. But with prior planning, they don’t have to be devastating to your daily operations. Workers’ compensation coverage preps your business in case of on-the-job mishaps, ensuring you’re equipped to give employees the help they deserve ––without sacrificing the health of your business.
Your business and your employees deserve to feel confidence in your coverage of the unexpected. Our workers’ comp insurance can help with that. As the endorsed workers’ compensation program of the Electronic Security Association (ESA), we’ve set the standard high and created coverage that rises to meet the specific needs of your industry. To learn more about how to opt in to our program, contact us today. .
Workers’ compensation insurance protects your business and your workforce by providing benefits to most types of employees who are injured on the job. These benefits can address medical care and related medical costs, retraining, lost wages until the employee can return to work or compensation for permanent disability. Injured benefits also can go to survivors if a worker is killed.
Workers’ comp insurance for the general public is state mandated, meaning that every state has its own workers’ compensation laws and programs. It is important to remember that most states explicitly prohibit employers from firing workers who plan to make a workers’ compensation claim, and employers cannot tell workers not to file. States like Georgia, Arkansas, and Michigan require workers’ compensation insurance for three or more employees; while states like Missouri, Tennessee, and Alabama require it for five or more. In Texas, workers’ compensation insurance is not required unless a company is contracting with a government entity.
Monopolistic means that your state requires you to obtain workers compensation insurance from a compulsory state fund. It is important to note that while you may be required to utilize a state fund, the coverage being provided is not all you need. Worker’s compensation coverages usually cover employers for two key exposures. Part one covers employers for statutory liabilities under worker’s compensation laws while part two covers liability arising out of employees’ work-related injuries that do not fall under worker’s compensation statutes. State funds usually only address part one.
