Workers Compensation Insurance Basics

In most states, employers are required to carry workers compensation insurance – even for temporary or seasonal workers.  Workers compensation laws and regulations can be different and complex state-by-state.

In the event that a work-related injury or illness should occur, workers compensation coverage helps to provide protection for you and your employees. For the injured employee, it helps to provide important benefits like medical care, compensation for lost wages, disability and benefits for families in the event of a fatality. Workers compensation coverage also helps to protect your business from lawsuits should the employee, or their family, decide to sue your business. It can even help to cover related legal fees.

Workplace injuries are expensive and disruptive for small businesses and can make it harder to keep good employees. Making workplaces safer will help protect your businesses to some degree. You need to start your defense with a comprehensive workers compensation insurance policy.

What Does Workers Compensation Insurance Typically Cover?

• Payment for medical treatment and expenses. This includes initial emergency care, follow-up treatment with doctors, physical rehabilitation visits, and transportation expenses.
• Payment for time off work for recovery. Typically, this is a weekly benefit of 66.67% of a worker’s average weekly earnings and doesn’t last more than two years.
• Payment for any permanent impairment. Many work-related injuries result in a permanent physical impairment that affects the worker’s ability to do certain jobs. Even a minor injury can qualify for a small permanent disability payment.
• Vocational rehabilitation services. If the worker needs to change jobs or fields, most states pay for some job retraining or re-education.
• Payment of benefits in the event of death. A deceased worker’s dependents are entitled to burial expenses and a lump-sum payment in most states.

How Much Does Workers Compensation Insurance Cost?

The cost of a workers’ compensation insurance policy will depend on your business size, the amount of protection you want and any state required limits you’ll need to meet. The best way to get a true idea of cost is to get a quote specifically for your business and to review it carefully to make sure all of your concerns are truly covered. Filling out a quote request form will help start the process.

Failure to carry workers’ compensation insurance or not meeting you particular state’s regulations, can leave an employer exposed not only to paying these benefits out of pocket, but also to paying penalties levied by the states

Let us help you make an informed decision about your business insurance needs.  Our licensed agents specialize in helping small businesses obtain the best workers comp coverage at the best price.  Give us a call today at 855-780-1783.