Workers’ compensation insurance covers workplace injuries and illnesses. Certain types of injuries aren’t covered while others fall into a grey area. If an injury or occupational illness is sustained while you are performing the duties required by your job, it’s probably covered. For example, you fall off a ladder at work and break your leg….

Every state has its own way of running its workers’ compensation insurance system. Four in particular―North Dakota, Ohio, Washington, and Wyoming―are monopolistic workers’ compensation states because they do not allow business owners to purchase coverage from private carriers. Instead, employers must get workers’ compensation insurance from the state. What Is a Monopolistic State? A monopolistic…

Assigned risk plans are a way for business owners to get workers’ compensation insurance when private carriers refuse to offer coverage. States created these plans, sometimes called “markets of last resort,” because businesses are legally required to carry workers’ comp but may not be able to get it if carriers think they are too risky…

Insurance endorsements, sometimes called insurance riders, are legally binding amendments that change the coverage provided in a policy. They can broaden, restrict, or otherwise alter coverage and usually be added at any point during the policy term. Getting an endorsement allows policyholders to customize their insurance for a small added cost. How Insurance Endorsements Work…

Self-insured workers’ compensation is when business owners choose to cover their employees’ workers’ comp benefits instead of purchasing a policy from a carrier. If an employee suffers a work-related injury, the employer pays the costs usually covered by an insurance carrier, such as medical treatments and lost wages, out of his or her own pocket….