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Workers Compensation Insurance is required by regulation in most states when you have W2 employees. In some states the requirement may include that you cover your 1099 contractors. Workers' Compensation insurance covers your employees' medical and disability expenses related to work-related illness and on-the-job injuries. In some states, owners, officers, partners and other principals can decline to participate in their own companies' workers' compensation coverage.
Employers Liability coverage, also included in these policies, protects your company should an employee claim that his or her injury or illness was caused by your company's negligence or failure to provide a safe workplace.
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
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