Small business workers' comp
Workers' compensation helps if someone gets hurt on the job.
It's important. That's what.
Workers' comp insurance provides coverage for injuries at work to the employer and their employees. It's also a type of insurance policy that protects sole proprietors from the cost of lawsuits for job related injuries or job related illnesses for their employees. If an employee gets hurt or sick on the job, it will pay for medical costs and lost wages.
It also protects you, as the employer, from being sued for workplace conditions that might have caused the illness or injury. In a nutshell, it's the best way to protect your employees, your business, and yourself.
On-the-job Injuries
Workers' Comp helps pay lost wages and medical costs of employees who get hurt on the job, as well as funeral expenses if they die.
Work-related Illnesses
Workers' Comp helps pay for the medical costs and lost wages of employees who get sick on the job, as well as funeral expenses if an employee dies.
Lawsuits and Legal Fees
Protection against an employee from suing for job-related medical expenses and lost wages.
Do I need workers' compensation insurance?
Well, that depends. Obviously, a little extra protection never hurts. So yes, we recommend you purchase workers' comp insurance. That said, depending on a few details, you may actually be required by law to have your own workers' comp policy.
Why is workers' comp important?
First, workers' compensation insurance is important because it protects you in the event that you or your employees get hurt or sick on the job. You are able to include yourself in coverage, so medical bills and other costs associated with an accident would be covered by your policy.
When you or an employee gets an injury or illness as a result of working on the job, your workers' compensation policy kicks in to help cover their wages and provide medical benefits until they are better. It may also cover services that help you recover and return to work. If you are unable to return to work, the workers' comp policy can provide long-term benefits.
Am I required to have workers' comp?
Depending on where you live, what you do, the structure of your business, and if you have employees, you may be required to have carry workers' compensation insurance.
Even if you aren't legally required to have a workers' comp policy, it's always better to be safe than sorry. Accidents oftentimes result in hefty medical expenses, but with the right coverage, you won't have to foot the bill.
Why do I need workers' comp to get hired?
Many hiring parties require you to have your own workers' comp policy to reduce their liability. If they hire uninsured workers, they have a higher exposure to risk. If something happens, they can be held liable.
By requiring workers to have their own workers' comp, they shift the responsibility from themselves to the workers. That way, if something happens, injured workers can rely on their own workers' comp policy rather than the hiring party's policy.
How much is workers' comp?
The rates are determined by a lot of factors, such as risk, occupational classification, and experience rating. If you're in a high-risk industry, like construction, where it's more likely to have an accident, it'll cost more. Check out this in-depth workers’ compensation cost breakdown.
Our experts have access to the best rates around. Get in touch with us and we'll help get you the right insurance for the best price.
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