Workers Compensation Insurance Quote
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The type of policy that covers injuries to employees while on the job is called worker's compensation insurance. Sometimes called workers comp insurance, or even workmans comp insurance, it is a requirement in all states. In most locations, private indemnity companies handle the coverage. If your company has employees, it most likely needs to carry this policy, and for good reason - employees need to be protected if they are injured on the job.
While workers in some industries are more prone to being injured during the course of performing their job duties, any employee has some chance of being injured while at work. Regardless of who is at fault for an on the job injury, employees need to know they can have their medical bills paid without having to sue their employers. Worker compensation insurance provides coverage when employees are injured, protecting both the employer, and the employee, against finger pointing and blame, and ensures that the injured party is taken care of.
It is easy and quick to get workers compensation quotes when you use NetQuote, which is an online insurance aggregator service. With NetQuote, you fill out one simple online form and quickly get back a FREE, no-obligation workers comp quote from multiple issuers, allowing you to find the best policy for your situation. You can also request free quotes for most types of business policies, so that you can find the best rates, and the best providers, for the coverage your company needs to be fully protected.
Workers Compensation Insurance Explained
Workers compensation insurance companies came into existence due to the need to reduce the requirement for workers to sue the companies they work for in order to be reimbursed for on the job injuries. Because it is a no-fault coverage, employees do not have to prove that their employer was at fault in order to be paid for a work-related injury. No matter the cause of the accident, workman's compensation insurance provides coverage. Employees get the medical treatment they need without having to fight for it.
Near the start of the 20th century, worker comp insurance (Wikipedia definition) was developed, making it easier for an employee to be taken care of if they were injured on the job, thus significantly reducing the number of lawsuits companies faced when an employee was injured. When there was no work comp insurance, an employee would have to bring a lawsuit against their employer in order to receive compensation for being injured, which could cost the business a large amount of money. The current system is better all around for all parties involved - both the employer and the employee.
Statutory work compensation insurance lets injured employees receive quick payment for medical costs and compensation for time lost from work, while limiting the costs to employers. There is something known as “workers compensation bargain” that states the worker trades their ability to bring a tort suit against their employer in exchange for prompt medical care and disability payments. This coverage is a win-win for all parties involved and lets employees concentrate on getting better and employers are able to see injured employees return to work quicker.
Workers compensation insurance protects both the worker and the company they work for by doing away with the need for an employee to sue in order to be covered for a job related injury. It also reduces the number of lawsuits brought against a company due to on the job injuries. Simply put, workers comp coverage allows employees to get the required medical treatment, as well as any compensation required, if they are injured during the normal course of doing their job.
Workers Comp Insurance Quotes
NetQuote is an online indemnity marketplace that has a trusted relationship with thousands of agents in order to find you the best rates for the coverage your business needs. Whether you have employees and are required to carry workers comp insurance, as well as the related employers liability insurance, or you are looking for other types of commercial coverage, NetQuote is your one-stop online destination to get the coverage to protect your business.
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