What, exactly, is worker?s compensation (also called worker?s comp, workman?s comp, and in some countries, compo) and do I really need it?? To put it bluntly, worker?s compensation is simply insurance where if an employee gets hurt on the job, it pays their medical bills, but, that in return, said employee cannot sue you (the employer) for being responsible for that accident.? According to Wikipedia, ?Worker?s Compensation is a form of insurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee?s rights to sue his or her employer for the tort of negligence.?? It really is a system of convenience for both employer and employees.
Now that you know what worker?s comp is, as a staffing agency, do you really need it?? The straightforward answer is almost always yes.? There could be very extenuating circumstances where this is not the case (construction and agriculture spring to mind), but in almost all cases, if you have employees, then coverage is mandatory.? The worker?s comp laws in almost every state are very clear and concise as to when and if you must carry worker?s compensation.? Even if you are among the rare circumstances where coverage is not mandatory, there are many good reasons to do so and it almost certainly makes good business sense.
As we have referenced, worker?s comp coverage is for the protection of both the business and the employees.? Worker?s compensation law restricts the responsibilities, rights, payouts and monetary losses for all involved.? Given the legal environment and today?s lawsuit happy mentality, there is a huge need for this protection?just the legal costs of defending a single claim alone could exceed the cost of coverage, much less any actual damages awarded.? Worker?s compensation insurance is just good business sense and a valuable risk management tool.
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