Workers’ Compensation insurance (Workers’ Comp insurance) is a mandatory type of insurance carried by many businesses. Workers’ Comp insurance covers medical costs and a portion of lost wages for an employee who becomes injured or ill on the job.
Workers’ Comp insurance also protects companies from being sued by employees for workplace conditions that can cause an injury or illness.
Who Needs Workers’ Comp Insurance?
Workers’ Comp insurance is required by law in almost every state. Workers’ comp laws are designed to ensure payment by employers for some part of the cost of injuries, or in some cases, of occupational diseases, received by employees in the course of their work.
Workers’ Comp Insurance Basics
Workers’ Comp insurance typically only covers injuries or illnesses when they occur as a result of duties performed on the job or while at work. Examples of injuries that may be covered by Workers’ Comp insurance include injuries caused by lifting heavy equipment, slipping on a wet or oily surface, or sustaining injury due to fires or explosions.
Many state workers’ comp programs do not provide coverage for injuries that occur while an employee is not acting within the scope of employment – such as while playing football with friends on a day off.
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