Have you ever wondered what would happen if you get injured at work and you are all of a sudden stuck without the ability to earn an income? Well, this is exactly what workman’s comp insurance addresses and if you are in a line of work where you are at risk of getting injured you need to listen up as this can make a huge difference in your life.

Workers compensation insurance is much more than just protecting you against loss of income. Its really there to ensure a much greater understanding and commitment to safety. Back in the industrial era, workers on bridges, railways and mines died on a daily basis – forcing countless families into welfare as the breadwinners succumbed to workplace injuries. These days, virtually any and every job has risks involved since we are living a society where employers are being sued for almost anything.

Workman’s comp insurance basically covers you in 2 ways. Firstly, it covers you for medical expenses as a result of a workplace injury. Secondly, it covers you for potential loss of income. In some cases it will even cover you for mental and emotional hardship due to the accident.

Your ability to work and earn an income is your greatest asset. If you are a carpenter, mechanic or even just a builder, when you need your hands to earn a living you are at risk and you need to be insured. Oftentimes workplace injuries can be serious enough to require hospitalization in which cases the medical expenses alone can be hundreds of thousands of dollars.

These days there are countless different policies with different terms and different levels of cover. Across the USA, state governments are starting to impose workers compensation insurance on virtually every sector of the economy. Its widely regarded as the number one way to protect employees from a loss of income. In the building industry, this type of workers insurance is heavily policed – although some companies still manage to get away without it.

Workman’s comp insurance is expensive. It can be as high as 40% of a workers wage, but it depends on the work itself and the company’s safety record. Because its so expensive, many firms opt to dodge this massive expense via casual work contracts and other methods to remain competitive with their prices. If you are a business owner and you do not provide workers compensation insurance you need to get your lawyers to look over your employment contracts and you need to make it very clear to all your staff that they are not protected.

If accidents occur and you are not ensured, your company may be liable and open to lawsuits from labor unions and workers. It can be a very expensive and drawn out affair, so make sure you are covered. Make sure that your workers are covered. This is not a luxury.