Workers compensation insurance helps provide wage replacement and medical benefits when employees are injured on the job. Employers are required to assure that their workplace is safe and within reason, but that doesn't mean that accidents won't happen. Workers compensation is the insurance held by businesses to protect against the costs of these accidents. Depending on the accident and who is at fault, workers will receive different benefits.
Injuries that employees get on the job are covered if they are within the course of the employment. One of the most common causes of workers comp claims is traffic accidents that happen when an employee is in a car for work purposes. This can happen when the accident occurred while in a company car or the employee's own car.
Medical payments and wage replacement are the most common types of benefits that are paid out in North Carolina. Other benefits include rehabilitation for employees that can't do the job they once did because of their injuries.
In North Carolina, workers compensation is required for any businesses that have three or more employees. This includes corporations, partnerships, and sole proprietorships. There are some exceptions to this, which can consist of employees of certain railroad companies, casual employees, domestic servants employed by a household, farm laborers, and when there are fewer than ten full-time regularly employed workers.
Those who are the sole proprietors are not automatically counted as employees, and there are specific instances when employees are not counted. If you have questions about whether or not your business qualifies for the requirements of workers compensation insurance, contact an agent at Wood Insurance Consultants LLC. Even if you aren't required to have workers compensation insurance, it may be a good idea to carry it to prevent your business from suffering financially. Even if one employee is injured, medical costs and benefits can be high.
Contact Wood Insurance Consultants LLC to get a quote on workers compensation insurance for your business.