While owning your own business has its rewards, it also has it risks. What if one of your employees is hurt while performing his/her job? Can you afford to cover their medical payments and lost wages? This is why workers compensation insurance is so important. So what is workers compensation insurance? Watch as insurance experts Rosalynn Dávila and Lina Fonseca explain.
What is workers compensation insurance?
Workers Compensation is a type of insurance policy that a business purchases. The policy provides medical benefits and wage replacement for employees who suffer an injury while performing their job related duties.
Workers compensation coverage is needed to protect businesses from huge financial losses that may arise from medical bills, lost wages and potential lawsuits from injured employees. The coverage is also required by law. The actual requirements for this coverage can vary from state to state.
In Rhode Island, if you have 1 or more employee(s), you are required to purchase a workers compensation policy.
Are there any fines if an employer fails to carry this type of insurance?
Yes, businesses that fail to purchase workers compensation insurance can be fined, and in some cases even criminally prosecuted by the state.
If you have any questions or would like a quote for workers compensation please give us a call today at 401.723.8510. If you enjoyed reading this, please subscribe to the Blog Edition of the Loiselle Ledger, the official newsletter of Loiselle Insurance. As a subscriber you’ll receive bi-monthly emails highlighting our latest blog posts. Subscribe Now.