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Most states have laws requiring employers to provide workers compensation insurance for any full-time employees, including domestic employees . Although some states do not require workers compensation insurance for part-time employees, the employer can still be held responsible for injuries sustained while the employee is working. Workers compensation provides compensation for injuries sustained at work, without regard to fault, in the form of scheduled benefits that vary depending on the nature of the accident.
Reasons for purchasing workers compensation Insurance:
– Reduces the possibility of being sued by an employee, as the right to sue is generally waived in order to claim the scheduled benefits.
– Protects the employer from a health insurer that might decide a claim it paid was really work related, and pursue the employer for reimbursement.
– Provides lost wages and medical costs if an employee is badly injured.
– A homeowners policy is not a substitute for workers compensation insurance. There may be some coverage for injuries, but there may not be coverage for lost wages. In addition, workers compensation insurance is paid almost immediately, while the homeowners policy will typically provide reimbursement at a later date, after a claim has been are submitted and evaluated.