Workers compensation
What is workers compensation insurance?
Workers' compensation insurance, also known as workers’ comp insurance, covers costs of medical care and lost wages to employees that suffer any injury or illness as a direct result of employment. In almost all U.S. states, a workers’ comp policy is required by law to protect employees and cover their wages and medical bills in the event of a workplace related injury.
What does workers compensation cover?
Medical Expenses
Employee Liability
Survivor Benefits
Who needs workers compensation insurance?
In nearly all states, any business with employees will need to have a workers' comp policy. Even self-employed professionals and freelancers may be required to have a workers' comp policy to meet certain state or contractual requirements.
See if you're covered
Small Business Owner
Managing your own business means you have enough on your plate.
E-Commerce Merchant
Selling online is hard enough without having to think about what else can go wrong.
Startup
Don't let unnecessary business risks make your founder journey bumpier than it needs to be.
Freelancer
Freelancing is all about keeping things simple and focusing on what you do best.
Why is a workers compensation policy important?
In almost all U.S. state, if you employ any individuals as part of your business, a workers' compensation policy is required by law. If an employee is injured or falls ill as a direct result of employment, the business is liable for covering employee medical expenses and lost wages which can cause severe financial harm. Having a workers' compensation policy protects your employees and your business from unexpected harm and injury.
See if you‘re coveredWhat other kinds of business insurance do I need?
Bodily Injury
Someone other than you (or an employee) is injured and your business is responsible for medical, legal and damages.
Third-Party Property Damage
Customer property is damaged by you (or an employee).
Advertising and Reputational Injury
Your business is accused of copyright infringement, malicious prosecution, slander, libel, wrongful eviction and violating a person's privacy.
Product Liability
Products developed or sold by your business harm people or property, and your business is responsible for legal and medical expenses.
Workers compensation insurance FAQs
- Is workers' comp. required by law?
- Workers' compensation is regulated on the state level, and each state has its own requirements and penalties. Nearly every state requires employers to carry workers' compensation insurance.
- How do I show proof of a workers' comp. policy?
- Once you've purchased your workers' comp policy, a Certificate of Insurance (“COI”) will be sent to you and can be presented to any party that requires proof of coverage. You can also request that the COI be sent to any third-party that requests verification of insurance.
- Do I need workers comp. insurance if I am self-employed?
- You may not by legally required to have a workers' comp policy if you are self-employed. However, you may be required to show proof of a workers’ comp policy for certain business contracts. Additionally, a workers’ comp policy enables you as a self-employed worker to mitigate financial risks relating to potential lost wages and medical expenses.
- If I am the owner of a Company am I covered under a workers' comp policy?
- Inclusion of coverage for Company owners and officers varies by policy. Certain states require coverage for owners and officers. Consult with your Coverdash agent to get owners and officers covered under your policy.
