Workman's Comp
If you plan to start a business you will find that there are a number of laws and regulations that you are going to have to learn about. You will also be required to carry several different types of insurance, one of the most important ones you are required to have by law in all 50 states is workman's comp. This insurance is intended to cover your employees and your company in the event of an accident on the job. This insurance covers medical bills, rehabilitation and your employee's wages while they are unable to work. Unlike health insurance that covers your employees when they get sick, workman's comp insurance is only meant to cover them when they get hurt on the job or suffer from a work related illness. However, both of these conditions must be the direct result of them performing their regular duties while on the clock. Each state has laws in place that will determine what type of coverage you will have to purchase and in many cases how much you will be expected to pay for it.
Workman's comp insurance is a direct result of events that were commonplace before the turn of the twentieth century. Before the advent of this insurance coverage when an employee was injured on the job he had to pay his own medical bills and try to figure out how to survive without any income. Unless they were lucky the only way an injured employee could get his employer to pay the bills was to take him to court and try and prove it was negligence on his part that caused the accident. The burden of proof lay solely in the hands of the employee and more often than not the injured employee could not afford the type of legal representation required to win this type of case. Employers regularly took advantage of this type of situation and left injured employees high and dry, hiring someone else to replace them. Workman's comp insurance is a no fault type of insurance that guarantees that no matter what the injured employee's medical bills and wages will be taken care of.
Today workman's comp insurance is required by law for any business that has one or more employees. However, just because it is required by law does not mean that you should have to pay a fortune for it. You should shop around to find the best possible rates for your insurance, you can use the Internet for this a independent insurance agents now maintain comparison sites where you are able to shop a wide variety of carriers to find the lowest rates for the coverages you need. At Frankel Workers Comp you will find an independent insurance agency that has access to multiple carriers through which you can shop for the best possible rates on workman's comp insurance to protect your employees should they have the misfortune to become injured or ill as a direct result of their performing their normal duties while on the clock.
