Workers Compensation Insurance for Small Business

What is Workers Compensation Insurance?

Workers compensation insurance covers medical costs and a portion of lost wages for an employee who becomes injured or ill on the job. Workers compensation insurance also protects companies from being sued by employees for workplace conditions that can cause an injury or illness.

Do I Need Workers Comp Insurance for My Small Business?

With limited exceptions, every employer with one or more employees is required by law to have a valid workers compensation policy at all times. Almost all states that require workers comp insurance also have a list of exceptions. To learn more about state-by-state comparisons, please speak to one of our licensed agents.

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.

Let us help you make an informed decision about your business insurance needs.  Our licensed agents specialize in helping small businesses obtain the best coverage at the best price, give us a call today at 888-834-8619.

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