THE FALLS INSURANCE CENTER, INC.
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Most states have Workers Compensation insurance pools. Or you can obtain
coverage from an insurance company. Some large businesses elect to self-insure.
Though benefits will vary from state to state, they are only paid for
work-related losses, and generally include the following:
Income replacement for partial or total disability, whether temporary or permanent.
Medical and rehabilitation costs.
Survivor benefits in the event of a fatal injury or illness.
That depends on your state and the number of employees in your business. Currently, all states except New Jersey and Texas have mandatory participation for companies with a certain minimum number of employees. In New Jersey and Texas, participation is voluntary. Most states exempt very small employers, such as those with one to three employees. To make sure you are in compliance with the law, contact the appropriate office in your state.
Note that, even when not required by law, Workers Compensation coverage is considered to be a valuable, cost-effective purchase by many businesses. How does it work?
Why should I find out more?There are several good reasons: If you are required to participate and yet do not, you face fines, possible imprisonment, and other penalties.
When treated as part of a disability program, Workers Compensation can help make your company's disability planning easier because costs are predictable.
Is an individual policy right for you, or should you participate in your state's insurance pool?Since benefits are generally uniform, it is recommended that you conduct a cost comparison, using your state pool's numbers as a baseline. Depending on your situation and company's accident history, as well as the type of business and number of employees, you should find a choice that best reflects your needs.