Workers compensation is a very misunderstood subject and one that both employers and their staff tends to misunderstand completely.
Part of the problem is that whenever we hear the word insurance we see money and fat-cat executives profiting from our hard work.
The simple truth is that insurance is not what it used to be.
Its heavily regulated and the days of insurance companies scamming you is pretty much over.
As for workers compensation insurance, its really there to protect both workers and employers.
Accidents happen.
Its just part of life and no matter how many safety procedures we put in place, people are at risk in certain occupations.
Compensation insurance is there to step in in these situations.
Firstly it protects employees when they do get injured - often paying out in days to help cover immediate expenses as a result of the injury.
In cases where an employee loses his/her ability to work then it really comes into its own as it can actually provide for that person's family when they need it most.
From an employers perspective the first and most important aspect is looking after your employees.
Compensation insurance is just one way to care and giving your workers that safety net is really important.
On top of that its become really important in legal terms to protect yourself.
Lawsuits can be incredibly expensive and can ruin companies.
Without the necessary insurances in place your company may be at risk.
Its also important to know the laws that apply to your specific business.
In most states there are now compulsory workplace insurances and depending on your business you are not allowed to operate in certain circumstances without insurance in place.