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What is it?Workers' compensation insurance is required after you gain X amount of employees in the state of Missouri. This is a type of coverage that provides financial protection for both employees and employers in case of work-related injuries or illnesses. It ensures that employees who are injured or become ill while performing their job duties receive medical care and wage replacement, while also protecting employers from potential lawsuits related to workplace injuries.
When an employer has workers' compensation insurance, they pay premiums to an insurance company. In return, the insurance company covers the costs associated with employees' work-related injuries or illnesses. This can include medical expenses, rehabilitation costs, lost wages due to time off work, and even death benefits to the dependents of an employee who passes away as a result of a work-related incident. Workers' compensation insurance is a legal requirement in most jurisdictions for businesses that have employees. It helps protect employees by ensuring they receive proper medical care and financial support in the event of work-related injuries or illnesses. Additionally, it protects employers from potentially expensive lawsuits that could arise from workplace accidents. Having workers' compensation insurance is essential because it establishes a fair and organized system for handling work-related injuries or illnesses. It promotes the well-being and safety of employees while providing employers with a way to fulfill their legal obligations and protect their businesses from significant financial liabilities resulting from workplace incidents. |