In most jurisdictions, workmen's compensation insurance is legally required for businesses with employees. The specific requirements can vary by region, industry, and the number of employees, so it's important for businesses to check local regulations.

Premiums are based on factors such as the type of work being performed, the industry, the company’s payroll size, and the business's safety record. Higher-risk industries or those with a history of frequent claims may have higher premiums.

Employers should immediately ensure the employee receives appropriate medical attention, report the incident to their insurance provider, and file a claim. It's also important to keep detailed records of the incident and follow any local reporting requirements.

Typically, workmen's compensation insurance provides coverage in exchange for the employee waiving the right to sue the employer for workplace injuries or illnesses. However, exceptions may exist, such as cases involving gross negligence or intentional harm by the employer.