What Is Workman's Comp Insurance?

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Workman's compensation provides for the cost associated with employees that are injured on the job. Find out about workman's comp insurance with help from an insurance professional in this free video clip.

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Video Transcript

Hi, I'm David Sumpter, commercial insurance specialist with Wateridge Insurance in San Diego, and today we're going to talk about workman's compensation. In fact, it's actually worker's compensation insurance but it's all the same. Worker's compensation insurance provides for the cost associated with employees that are injured on the job. As en employer in most states you are required to carry this coverage and it pays for a couple things, number one it's going to pay for the medical costs associated with that injury to that employee. It's also going to pay for indemnity or that's the word we use for paying the employee for the lost time that they would have been on the job. It will also pay for rehabilitation expenses in most states. Again that brings up a good point. Make sure you check with your broker which state you're operating in. The laws for worker's compensation can vary among all 50 states. Here in California it's actually mandated by law that you carry it and the penalty can be as bad as a felony. So again, check with your broker to see what state you're operating in. Worker's compensation is also required by most contracts. So not carrying it will mean you don't get the business. Take a look at the number of different insurance carriers that you and your broker can approach to get the best possible combination of coverage and pricing. I'm David Sumpter, commercial insurance specialist with Wateridge Insurance and we've just discussed worker's compensation insurance.

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