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The Complete Idiot's Guide® To Accounting by Lita Epstein, Shellie L. Moore

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Workers’ Compensation

We haven’t yet touched on one other liability your business will incur after you start hiring employees: workers’ compensation. Workers’ compensation is insurance coverage for claims related to injuries on the job. The only state in which you are not required to carry this insurance is Texas.
Benefits to the employee can include payments for loss of income, medical expenses, vocational rehabilitation, and death benefits if an employee is injured on the job. Some states have a state-based workers’ compensation fund in which employers must participate; other states allow you to participate in the state insurance program or buy insurance from a private company. About half the states allow you to work with HMOs, PPOs, or other ...

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