What Is Workers’ Compensation Insurance?
Workers’ compensation insurance, also known as workman’s comp or work comp, provides your employees benefits and assistance if they get a work-related injury or illness while on the job. These benefits assist with:
- Covering their medical expenses
- Provide financial assistance for most of their lost wages while recovering
- Offer disability benefits
- Pay for funeral if they lose their life while on the job.
Workers’ compensation also has benefits for you and your business, as a small business owner. If an employee gets injured on the job and their family sues your company, work comp can help cover your legal expenses.