If your business hires employees, you should have worker’s compensation insurance. While we know you work hard to create a healthy workplace environment for your employees, worker’s compensation claims can apply to physical and mental health issues. Therefore, ensuring that your employees and business are adequately covered is crucial.
Worker’s Compensation Insurance covers your business from a financial loss if an employee is injured while working. By law, companies must take “reasonable care” in making their workplace safe for their employees, but accidents can still happen. Workers’ Compensation Insurance provides coverage for medical costs and a portion of lost wages for employees if they are injured on the job. If an accident does happen and an employee is injured on the job, it’s vital to ensure that potential medical or legal costs do not financially impact your business.
If an accident happens and an employee is injured, Worker’s Compensation Insurance ensures that you, and your employee, are protected no matter who is at fault. Workers can file claims for any physical injuries or mental illness resulting from performing duties outlined within their employment agreement. For example, a common worker’s comp claim is for physical injuries sustained on the job.
Each state handles worker’s compensation claims differently, so it’s important to check with your insurance agent to ensure you’re aware of all requirements and regulations established in your state.
Worker’s Compensation Insurance will also cover you or your employees in a natural disaster, outside attack, workplace violence, occupational diseases, and even certain illnesses or death.
Unless you live in Texas or operate a business with three employees or less, you most likely need Worker’s Compensation Insurance. As we mentioned, each state has laws relating to worker’s compensation, but 49 states require businesses with three or more employees to carry the coverage in some form. Therefore, depending on your state, you may be required to carry Worker’s Compensation with three, four, or five employees. Sole proprietors are not required to carry Worker’s Compensation Insurance.
Contact us today if you are unsure if your business would be required to carry worker’s compensation.
As with all other insurance policies, a few factors affect your Worker’s Compensation Insurance cost. One of those factors is the state in which you operate. Some other factors include the number of employees, industry risk factors, and total payroll.
Here are a few things you can do to reduce the cost of your Worker’s Compensation Insurance:
It’s important to keep your employees trained on proper safety procedures and care practices, so they maintain a safety-conscious mentality.
If you are a business with three or more employees and are interested in Worker’s Compensation Insurance, then make sure you contact us today. Based on your business services, the number of employees, the payroll budget, and the state, we can provide you with an insurance quote for worker’s comp.
Make sure you keep your employees and your business protected – get worker’s compensation insurance!
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