Workers compensation laws were created to ensure that employees who are injured on the job are provided with fixed monetary awards. This eliminates the need for litigation and creates an easier process for the employee. It also helps control the financial risks for employers since many states limit the amount an injured employee can recover from an employer.

Moody Agency workers compensation policies are designed to help companies pay these benefits. In order to protect workers, a majority of state governments require that businesses carry some form of workers compensation insurance. It is important to note that workers compensation insurance is not health insurance, and it serves a unique purpose. Workers compensation is specifically for injuries that have been sustained on the job.

If you have employees, carrying workers compensation coverage is strongly advised. Even in states where it is not mandatory, compensation coverage is a sound financial decision, especially if you have a number employees, or if your employees are engaged in hazardous activities.

Does my business need workers compensation insurance?

Employers have a legal responsibility to make the workplace safe for their employees. Despite the best precautions, accidents still happen.

In almost every state, legislators require employers to buy workers compensation insurance. This works to protect businesses from legal action resulting from on the job accidents, and it provides employees with the security of medical care and fair compensation for any lost income resulting from their injury. Workers compensation insurance policies cover workers injured on the job, whether they are hurt on the premises of the workplace or elsewhere, or in auto accidents while on business. These policies also cover work-related illness.

Although business owner policies are often sold as packages, they do not include coverage for injured workers. Workers compensation insurance policies must be bought separately. For a comprehensive and insightful overview of how workers compensation insurance may help minimize risk for your organization, please contact a Moody Agency representative today. 

The Moody Agency will talk you through all of the features of your business and employment practices so you may make an informed decision about coverage. Depending on your individual circumstances, policy discounts may be available. 

Workers compensation insurance must be bought as a separate policy. Although in-home business and business owners policies (BOPs) are sold as package policies, they don't include coverage for workers' injuries.

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