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Workers Compensation Insurance
Worker's compensation insurance refers to the insurance that provides protection to employees for work-related illness and injury. In countries like Canada, it is mandatory for the employers to register with the worker's compensation board in their province or territory and pay insurance premium according to the kind of their industry.
Any small business can provide workers compensation insurance for their workers. It is not limited to specific industries. This option is much affordable than paying the medical bills of your employees when they got injured or met with accidents when they are on job. It protects the small business employer particularly from the claims resulting from the injuries of employees. Since it provides compensation for the employees for on the job accidents, it provides complete protection to the businesses from lawsuits.
For some businesses this insurance is mandatory in many countries. But the law differs from one country to another. However any small business owner, who is responsible for the health and safety of their employees when they are on the job, should necessarily get this insurance.
More Glossary Terms Explained here
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