Because we're in the insurance industry, our world can feel like it's full of jargon. While we try to avoid it at Cake, sometimes it sounds like we're speaking a different language. So time to time, we like to play the role of insurance interpreter and clarify a few of the more common—and confusing—workers' compensation terms and history. Today, we're going back to basics and the origins of workers' compensation insurance.
What we do at Cake goes by many names: Workmans comp, workmen's comp, work comp, workers' comp, or just comp. But where did these names come from?
During the industrial revolution, economic and industrial activities flourished, but the number of work injuries also grew.
Prior to the introduction of workers' comp, workers who were injured on the job had no recourse other than to sue their employers, an expensive and time-consuming process. And it didn't always pay off.
Back then, the workforce was almost entirely male, which is probably why we still hear the term workmans comp. Ironically, when it came to the name workmans comp it wasn't a term actually used in the industry. But as workers started referring to it as workmans comp, the name stuck.
Over the years, things have changed for the better—for both workers and employees.
Today, workers' compensation provides injured workers with prompt, fair and guaranteed benefits. Employers, in turn, get protected from potentially catastrophic loss, as workers' comp provides set benefits for the injuries suffered by the employee.
Companies in every industry from construction to accounting rely on workers' comp insurance to protect not only the company itself but also employees. And here in Colorado, workers' comp insurance is something organizations must have as required by law.
We know it gets confusing so consider this a hub for you to learn the basics surrounding workmans compensation and how it can directly apply to your business.
In Colorado, there are special rules and regulations around workers' compensation insurance. So, it's really important that you understand the specifics so you can ensure your business gets covered.
These posts can help get you started.
Once you start to get a handle on exactly how workers' comp works you'll probably have a bunch of questions. Don't worry, it's really common.
That's why we've gathered some of the most common questions small business owners have around workman's comp and answer them here:
You might find it surprising to learn that lots of accidents and injuries—the kind that gets impacted by workers' comp—happen in standard office jobs.
As a small business owner, one of the best things you can do to reduce the risk of illness and injury on the job is to focus on making your workspace a place that promotes health and safety.
There's no question that small business owners have to wear a lot of hats when running a business. You've got to manage HR, finance, sales and marketing plus everything else that comes with being an effective manager.
Learn how to improve your productivity and make your processes more efficient with these posts.
Regardless of what you call it, workers' compensation is here to protect you and your employees.
These posts should help you start learning more about workers' compensation insurance. And when you need a quote, you can get one online in just 5 minutes with Cake.