Workers' Compensation protects your employees if an injury should occur during the course of their employment with your company. Payments are made to the injured party and may cover medical payments, loss of wages, or the cost of necessary therapy.
Since each state has different regulations and laws governing Workers' Compensation insurance, consult your agent or the appropriate state regulatory body for the requirements applicable for your state.
At the very minimum, Workers' Compensation insurance policies will cover an employee's medical expenses and reimburse him or her for some percentage of lost wages.
Almost all states are "open market", which means that the coverage is underwritten by private insurers. Other states are "closed" or "monopolistic," with the coverage underwritten by a state-sponsored fund (ND, OH, WA and WY). In states that are “open,” rates are competitive and vary among insurance carriers.
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