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| Resources for Entrepreneurs | Entrepreneur's Glossary | ||||
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Workers' Compensation
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Definition of Workers' CompensationWorkers' Compensation is insurance that covers workers who are injured or disabled as a result of job-related injuries or illnesses.
Workers' compensation insurance policies represent a large expense for many small business owners. Typically, workers' compensation insurance rates are determined based on the underwriter's review salaries, firm history and risk of occupation. In some states, the state is the insurer. In other states, insurance must be purchased from commercial insurance firms. Every state has a requirement that companies pay for the medical treatment and lost wages of employees who suffer job-related injuries or illnesses. As such, it is very important that small businesses have adequate worker's compensation insurance policies in place. If you are an ambitious entrepreneur or an aspiring executive looking to get involved with a startup, please take the time to learn more about Gaebler Ventures.
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