Forum Topic: Workers' Compensation Insurance

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Workers' Compensation Insurance

Almost every business in the United States that has employees has to handle the problem of workers' compensation. Most states (with a few important exceptions) essentially require employers to purchase an insurance policy to handle their statutory obligations to workers who are injured or made ill due to a workplace exposure. Whether your business is small or large, handling the expense and effort of meeting those statutory obligations is an ever-present challenge. Workers' compensation requirements in the United States began early in the 20th century, back in 1911. Before then, workers who'd been injured or made ill on the job had to take legal action against their employers, resulting in a system that simultaneously made it difficult for workers to obtain compensation for such injuries and yet exposed employers to potentially devastating financial penalties under the tort system. But beginning in 1911, an historic compromise solution was devised by the various states. Wisconsin was the first, but other states quickly followed, enacting a "no fault" system intended to make sure workers received fair and prompt medical treatment and financial compensation for workplace injuries and illness. This compromise system also established limits on the obligations of employers for these workplace exposures, so that the costs could be made more predictable and affordable. Today, modern workers' comp laws provide fairly comprehensive and specific benefits to workers who suffer workplace injury or illness. Benefits include medical expenses, death benefits, lost wages, and vocational rehabilitation. Failure to carry workers' compensation insurance or otherwise meet a state's regulations in this regard can leave an employer exposed not only to paying these benefits out of pocket, but also to paying penalties levied by the states.

This topic was started by riiupw afrass.
Posted by Zinger Fraun on 2020-03-18 11:22:13
 
Guys, you don`t need to insure the business "from everything." Before contacting the insurance https://generalliabilityinsure.com/small-business/general-liability-insurance.html company, you should analyze all the business processes of the enterprise and determine in which areas unforeseen failures can occur. If the business is related to the supply of goods, then cargo insurance is necessary. If the company is engaged in the storage of goods in a warehouse where a fire may occur, the goods in the warehouse must also be insured. Otherwise, the company may not only lose the property but also disrupt supplies to partners and will have to cover the penalty. These are just a few tips. Be careful:)

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