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What Is Workers’ Compensation?

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Workers’ compensation is a tool for making up for lost wages due to an injury or accident while on the job. If you do something physical for your job, odds are your company has a workers’ compensation policy. Running a company with any sort of physical labor means you should have insurance to cover the costs of workers’ compensation. If you need to hire an Iowa Workers Compensation Attorney, here’s what you should know.

It’s a Type of Insurance

For a company or business owner, workers’ compensation can be part of your insurance package. If you get a liability plan, it may include workers’ compensation, or you can get a separate policy. Your policy should cover accidents and injuries, and you should understand what it will and won’t cover. You may also want to know how your policy treats and detects fraudulent workers’ compensation claims. That way, you won’t have to pay for injuries your employees get outside of work.

It Protects Both Parties

It may seem like workers’ compensation primarily protects workers, but it can protect businesses, though in a different way. Workers’ comp protects workers because it provides them with some income while they recover from a workplace injury. But because of that, it also protects business owners from being sued by their employees in the event of an accident. Injuries happen, so it’s important to find a policy that fills your needs and protects you and your team.

It’s Worth It

If you have a small business, you may wonder if it’s worth paying for workers’ compensation. But if you have anyone who does physical work, it is worth it. Accidents may be rare, but you don’t want an injury to bankrupt your employees or company.

Workers’ compensation may seem like a nuisance, but it’s a worthwhile expense for small and large businesses. Keep these things in mind when looking for workers’ comp coverage.

 

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