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The right workers' compensation insurance policy will support a business and its employees rather than hinder them with costly operational expenses. (Shutterstock) The right workers’ compensation insurance policy will support a business and its employees rather than hinder them with costly operational expenses. (Shutterstock)

For those looking to start a small business, purchasing workers’ compensation coverage is likely on the to-do list. While this type of insurance is required by almost all states (with a few notable exceptions), there’s no one-size-fits-all solution, leading some businesses to select ill-fitting or overly expensive policies.

This type of coverage is essential for businesses of any size, as it protects all parties in the case of workplace injury or illness. Shielding both owners and employees from overwhelming financial burdens, these policies typically cover medical expenses, loss of income, retraining, permanent injury and survivor benefits.

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