As of 1949, Workers Compensation Insurance is required by law in all states in the U.S. Unfortunately, that’s not to say that all states treat such policies similarly – but if you’re going to run a small business with employees, you will definitely want to take some time looking at the particular policy requirements for your state and industry.
Workers compensation coverage can be quite expensive, depending on your plan and provider. That’s largely because paying out workman’s comp claims is a really expensive thing to do. But instead of having an employer take on those costs, it is necessary – and mandatory – for them to insure themselves for such an eventuality. Since there’s not really any getting around it, here’s a few tips and tricks I’ve learned over the years to help ease the process.
