BENEFITS

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A Quick-Start Guide to Workers’ Compensation

QUICK SUMMARY

As a small business owner, you might be asking yourself, “Why do I need worker’s compensation insurance?” The answer is simple: It’s a legal requirement in most states. If you have one or more employees, you’ve got to buy it. Period.

Workers’ Compensation: The Basics

Workers' compensation insurance covers your employees’ medical bills and some or all of their lost wages if they suffer an injury from job-related duties. It’s a legal requirement in most states. If you have one or more employees, you’ve got to buy it. Period.

It’s important to note that workers’ comp coverage is not a substitute for health or medical insurance, because it covers only work-related employee injuries or illnesses.

Workers’ compensation insurance rates and premiums can vary by state, and are based on many factors, including your industry, the number of employees you have, and your company’s safety record.

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How Workers’ Comp Protects You

Good workers' compensation insurance is an affordable benefit that protects both you and your employees. And you can customize your policy by adding coverage. (Of course, the more you add, the more your policy will cost.)

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Where to Purchase Workers’ Compensation Insurance

Workers’ comp insurance policies are purchased through an insurance company.

On occasion, an employer may be deemed an excessive risk by insurance companies and fail to qualify for workers’ comp insurance. For these cases, some states have established their own assigned-risk programs, setting up a special fund that serves as an insurer of last resort for companies that can’t get insurance on their own.

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