Workers' Compensation Insurance

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As of 2021, this policy is required by law for most employers. In the United States, it is regulated at the state level. Therefore, specific requirements and expenses differ from state to state.

Due to legal requirements, the process of obtaining workers' compensation insurance for your business should be almost entirely automatic. That said, you'll need to double-check your state's particular requirements to make sure you meet them.

What does it cover?
Workers' compensation insurance covers medical expenses and a portion of lost wages if an employee has an accident or becomes ill while working.

The percentage of lost wages covered depends on each policy. (For claims to be valid, the injury/illness must be a direct result of the employee's performance of his or her duties at work.)

Employment Practices Liability Insurance (EPLI)
Of course, employees getting sick isn't the only risk you face when hiring someone full-time. While they're working, your employees are acting on behalf of your company.

Your company is responsible for the conduct of your staff in their dealings with other employees. An EPLI policy protects you from lawsuits caused by the actions of bad apples.

What does it cover?
It covers almost any potential claim that results from bosnia and herzegovina phone number data employing (or even not hiring) someone:

Breach of employment contract
Unfair dismissal
Lack of employment or promotion
sexual harassment
Negligent evaluation
Using a Professional Employer Organization (PEO)
Many startups do not have dedicated HR staff, making processes related to employee insurance and compliance much more difficult.

In the United States, where laws vary from state to state, compliance is very complicated. It is often a good idea to hire help.

A Professional Employer Organization, or PEO, is a company that hires employees on behalf of your company. They make sure that each new member of staff is insured according to their local rights and complies with all employment laws.

They also often have EPLI policies, but the limits are small and they are usually very general. Risks specific to your sector or business model may not be well covered.