FROM OUR PARTNERS
If you have employees who work for you, workers compensation insurance will provide financial support and medical benefits to your staff who get injured or become sick because of their work. We’ve evaluated the best workers compensation insurance providers based on coverage, financial stability, customer satisfaction, and overall quality.
Simply Business provides insurance policies for a range of professions and small businesses.
For more than 200 years, the Hartford Insurance helped over 1 million businesses just like yours.
Coverwallet began its journey in New York City in 2015 operating under the Aon Insurance banner. At Coverwallet, you can access everything you need to keep your company well-protected at an unbeatable price.
Next Insurance leverages AI technology to streamline the process to purchase insurance, track claims, and manage policies at no additional cost.
With a 100-year history of insuring businesses, Hiscox is well-known across America and globally. With more than 500,000 small business customers, Hiscox is fully aware and trained in the unique risks a business can face.
Thimble provides business insurance that can be tailored to your business by the year, month, day, or even the job. At Thimble, the process to getting the right business insurance is simple, scalable, and flexible.
As a business owner, you are responsible for providing a safe work environment and protecting your staff in the event of illness or injury.
Workers compensation, commonly referred to as “worker’s comp” is insurance coverage that protects employees if they are to be injured at work. It can help cover medical costs, rehabilitation costs, and even supplement lost wages due to not being able to work. It is important for employers to carry this coverage because it is mandatory in most states. In fact, if an employer didn’t have worker’s comp insurance and one of their employees was injured on the job, they could be held liable for all their medical bills.
Most states require businesses with employees to carry workers compensation insurance. This is an insurance policy that will provide benefits to your employees in the event that they are injured while working. Even if you have health insurance for your employees, that does not cover work-related illness or injury, so you will want to have a worker’s comp policy as well.
If you are self-employed, you will want to check with your state’s laws regarding insurance requirements. Some states require businesses with even just one employee to carry worker’s comp insurance.
There are several different policy types under worker’s compensation coverage. These include:
Worker’s comp can provide many benefits to your employees. It covers accidents and injuries such as falling off a ladder or a roof, occupational illness such as inhaler chemicals that can make you sick, or repetitive stress injuries such as carpal tunnel.
Certain types of alternative care may not be covered by your worker’s comp policy, such as:
Worker’s comp does not cover injuries that did not happen on the job, self-inflicted injuries, or injuries that occurred due to negligence or unlawful behavior.
Worker’s comp policies are different depending on the state you do business in and other factors such as the number of employees, payroll, industry, and type of work. These factors come together to determine the premium that you will pay for the insurance policy. Worker’s comp limits are broken down into two parts: employee benefits and employer liability.
Employees who are injured or fall ill while on the job are typically able to have all medical bills covered with no limits. They can also receive a percentage of lost wages that varies by state, partial or full disability, which can be temporary or permanent and death benefits.
Employers’ liability, however, can have limits. Employer’s liability coverage is something that can be tacked onto a worker’s comp policy, and typically only raises the price by around 1%. This coverage can protect employers from lawsuits, legal fees, and court costs. The limit on this coverage is set at a minimum of $100,000 in most states, with other states having limits of $500,000 to $2 million.
Workers compensation insurance can differ in cost depending on the geographical location, industry, type of work, and the number of employees you are insuring. The average cost of workers compensation insurance is $936 per employee per year.
Here are some tips to consider when looking for a policy:
