Thousands of work-related illnesses and injuries occur every year, many of which are serious. Workers Compensation policies provide protections for employees who are injured or suffer a work-related illness as a result of their employment. This type of insurance also covers an employer against legal action that an injured employee may pursue against the employer. Employers have an obligation to provide benefits for injured employees, either through self-insured programs from financially stable firms, or by purchasing a Worker’s Compensation policy. Insurers that provide Workers Compensation policies are obligated to the employee, not the employer that purchases the policy.
Any business that operates within Massachusetts and has employees is legally required to carry workers comp for the business’ employees. Businesses that fail to provide employees with coverage may be fined or face other legal consequences.
Several Parts to a Workers Compensation Policy that protect the employer and offer benefits to the injured employee.
All States require an employer to provide the ability to pay for injuries to employees. Employers have the option to purchase private insurance coverage from insurer, obtain insurance from an assigned risk plan or State funds may provide coverage to employers. However, the most common way to provide Workers Compensation is by purchasing a policy from a private insurance carrier.
First, policyholders should determine the type and amount of coverage that best suits their business needs. Most Workers Compensation policies are purchased through private insurance carriers. Our Commercial Lines Insurance Agents are have the knowledge to write a policy for your unique business while comparing carrier rates to help save your business time and money!