Workers’ compensation, or workers’ comp, is an insurance program that provides benefits to workers who were injured or became ill on the job to make up for medical costs and lost wages while they were out of work.

Workers’ comp insurance generally covers injury or loss of limb, illness caused by the job environment (like emphysema), repetitive motion injuries, permanent impairment, medical treatment, rehabilitation, lost wages, death, and liability insurance. Workers’ comp will provide coverage regardless of who is at fault – the employee, the employer, co-workers or even customers.

While it might seem like just another business expense, workers’ compensation insurance can actually protect you from litigation should an employee become injured or sick as a result of the job.

“Workers’ compensation insurance exists primarily to protect the employer,” said Chane Steiner, CEO of Crediful. “It is much better to pay for insurance to protect your business in case you are hit with a major claim and don’t have the funds to pay it directly.”

By Kiely Kuligowski

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