Worker's Compensation Insurance is required by regulation in
most states when you have W2 employees. It provides medical and disability
coverage for on-the-job injuries or work related illness. In many states
principals such as owners, officers and partners can exclude themselves from
worker's compensation coverage.
Employer's Liability coverage: These policies also provide
Employer's Liability coverage that protects the company in the event that an
employee alleges that the employer's negligence or failure to provide a safe
workplace was the cause of the employee's injury or illness.
Employer's liability coverage may be described in your contract in this
way: "Workers' Compensation and Employer's Liability Insurance shall be
provided as required by law or regulation (statutory requirements). Employer's
Liability insurance shall be provided in amounts not less than $500,000 per
accident for bodily injury by accident, $500,000 policy limit by disease, and
$500,000 per employee for bodily injury by disease."
Workers' Compensation Rules
Scroll to your state below to access information on your state insurance website regarding worker's compensation rules and requirements.
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