What Does Your Commercial Equine Insurance Give You?

The Basic Insurance Types

Worker’s Compensation Insurance
What it does: Covers the medical expenses and/or lost wages for an employee injured on the job.

How it is sold: Varies, depending on the state.

“If you have employees,” DeTurk said, “you’re probably going to want worker’s compensation, although it can be expensive. Worker’s compensation is a system of law that states that the employer is obligated to pay when an employee sustains a work-related injury.

“It’s a long and varied subject because state laws really are different. Some states are what they call ‘monopolistic.’ In other words, you must purchase your coverage from your state worker’s compensation fund; conversely, some are ‘open market’ states.”

Contact your insurance agent and research your state’s worker’s compensation laws to find out what you are legally bound to do. Here are some online sources to get you started:

U.S. Department of Labor, Employment Standards Administration
www.dol.gov/esa (For a specific listing of state regulations and requirements, visit: www.dol.gov/esa/regs/statutes/owcp/stwclaw/stwclaw.htm.)
Worker’s Compensation Administrator’s Directory – www.comp.state.nc.us/ncic/pages/all50.htm#co (This page is a comprehensive list of official federal and state worker’s compensation agencies’ online pages. It was compiled by Robert W. McDowell of the NC Industrial Commission, 4340 Mail Service Center, Raleigh, NC 27699-4340.)