What is Workers Compensation Insurance? Do I Need Coverage?If you plan to hire one or more employees when you start a business, you need to buy a workers compensation insurance policy. This type of policy replaces all or part of a worker's wages lostand accompanying medical expenses incurred because of a job-related injury. Workers compensation insurance laws and codes differ from state to state so you need to checkwith a qualified insurance agent or your lawyer for the rules in force in your area.In most areas,you have a legal obligation to carry workers compensation insurance. You do not have a legal obligation to purchase most or all of the other insurance types discussedin this section. Workers comp, as it is often called, is not a substitute for health insurancebecause it only covers work-related injuries. If you fail to carry this coverage, you are subject tosevere penalties. If you do not have this coverage and a worker is injured, you are subject tocriminal penalties that can land you in jail. As mentioned, all 50 states have different requirements for workers compensation insurance, soyou need to check on the requirements in your area. Some states set the rates and operate a stateadministered fund of workers compensation insurance. These states include North Dakota, Ohio,Washington and Wyoming. Other states allow private insurers to provide workers compensation insurance subject to criteriadeveloped by the states. These states include: California, Delaware, District of Columbia,Indiana, Massachusetts, Michigan, Minnesota, New Jersey, New York, North Carolina andWisconsin. Some states allow private insurers but the systems are managed and rated by the NationalCouncil on Compensation Insurance (NCCI). These include: Alabama, Alaska, Arkansas,Arizona, Colorado, Connecticut, Florida, Georgia, Hawaii, Idaho, Illinois, Iowa, Kansas,Kentucky, Louisiana, Maine, Maryland, Mississippi, Missouri, Montana, Nebraska, Nevada,New Hampshire, New Mexico, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina,South Dakota, Tennessee, Utah, Vermont, Virginia and West Virginia. Texas allows businesses to operate without workers compensation insurance. When you start a business, here are other types of business insurance to discuss with a qualifiedprofessional: accidental death and dismemberment, advertisers personal injury, bodily injuryliability, business continuation coverage/buy-sell planning, business interruption insurance,business owners policy (BOP) , commercial automobile insurance, comprehensive generalliability (CGL) , crime coverage, cyber coverage, directors and officers, disability insurance,employment practice liability, fiduciary bond, fiduciary liability, fire legal liability, group lifeinsurance, group retiree health benefits, group travel insurance, key person insurance, medicalpayments, product and completed operations exposures, professional liability (errors andomissions) coverage, property damage liability, property insurance (repair and replacement),umbrella liability. Here are links to state workers compensation insurance rules: Alabama (AL), Workers Comp: Alabama workers comp info Alaska (AK), Workers Comp: Alaska workers comp info Arizona (AZ), Workers Comp: Arizona workers comp info Arkansas (AR), Workers' Comp: Arkansas workers comp info California (CA), Workers Comp: California workers comp info Colorado (CO), Workers Comp: Colorado workers comp info Connecticut (CT), Workers Comp: Connecticut workers comp info Delaware (DE), Workers Comp: Delaware workers comp info District of Columbia (DC), Workers Comp: District of Columbia workers comp info Florida (FL), Workers Comp: Florida workers comp info Georgia (GA), Workers Comp: Georgia workers comp info Hawaii (HA), Workers Comp: Hawaii state workers comp info Idaho (ID), Workers Comp: Idaho workers comp info Illinois (IL), Workers Comp: Illinois state workers comp info Indiana (IN), Workers Comp: Indiana workers comp info Iowa (IA), Workers Comp: Iowa workers comp info Kansas (KS), Workers Comp: Kansas workerscomp info Kentucky (KY), Workers Comp: Kentucky workers compinfo Louisiana (LA), Workers Comp: Louisiana stateworkers comp info Maine (ME), Workers Comp: Maine state workers comp info Maryland (MD), Workers Comp: Maryland state workers comp info Massachusetts (MA), Workers Comp: Maryland workers comp info Michigan (MI), Workers Comp: Michigan workers comp info Minnesota (MN), Workers Comp: Minnesota workers comp info Mississippi (MS), Workers Comp: Mississippi workers comp info Missouri (MO), Workers Comp: Missouri workers comp info Montana (MT) Workers Comp: Montana workerscomp info Nebraska (NE), Workers Comp: Nebraska workers comp info Nevada (NV), Workers Comp: Nevada workers compinfo New Hampshire (NH), Workers Comp:New Hampshire workers comp info New Jersey (NJ), Workers Comp: New Jersey workers compinfo New Mexico (NM), Workers Comp: New Mexico workers compinfo New York (NY), Workers Comp: New York workers comp info North Carolina (NC), Workers Comp: North Carolina workers comp info North Dakota (ND), Workers Comp: North Dakota workers comp info Ohio (OH), Workers Comp: Ohio workers comp info Oklahoma (OK), Workers Comp: Oklahoma workers comp info Oregon, Workers Comp: Oregon workers comp info Pennsylvania, Workers Comp: Pennsylvania workerscomp info Rhode Island, Workers Comp: Rhode Island workers comp info South Carolina, Workers Comp:South Carolina workers comp info South Dakota, Workers Comp: South Dakota workers comp info Tennessee, Workers Comp: Tennessee workers comp info Texas, Workers Comp: Texas workers comp info Utah, State of Workers Comp: Utah workers comp info Vermont, State Workers Comp: Vermont workers comp info Virginia, Workers Comp: Virginia workers comp info Washington, Workers Comp: Washington workers comp info West Virginia, Workers Comp: West Virginia workers comp info Wisconsin, Workers Comp: Wisconsin workers comp info Wyoming, Workers Comp: Wyoming workers comp info Links to Insurance Articles in This Section Workers Compensation Insurance Comprehensive General Liability (CGL) Comprehensive General Liability (CGL) Professional Liability Insurance Product Liability Insurance for Small Business
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