Obtain Workers' Compensation Insurance
Buying workers' compensation insurance is essential when it comes to protecting your business. Workers’ Comp insurance helps cover employees for work-related injuries and illnesses, it can help mitigate the possibility of employees bringing suits against your business for work-related injuries and illnesses. This type of business insurance can also help protect your business by keeping it compliant with state Workers’ Comp regulations. Learn more about what is workers' compensation insurance and what is required in specific states.
In most states, the cost of Workers’ Compensation insurance can vary between insurance companies as they compete for customers. Despite the variability, all insurance companies base Workers’ Compensation premiums on the amount of payroll an employer has and how dangerous the work is. Learn more about the cost of your business with a workers’ compensation quote from The Hartford.
Buy Workmans' Comp Insurance
Workers’ compensation insurance policies are purchased through a private commercial carrier—that is, an insurance company. These are usually the same companies that offer other types of business insurance.
Workers’ compensation insurance, also referred to as “workers comp insurance,” provides benefits to employees for work-related injuries or illnesses including medical care and wages lost from work. This insurance coverage also can cover a deceased workers’ family with a financial benefit. If that family chooses to sue your company, workmans comp insurance can also help cover the related legal fees.
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 workers’ compensation insurance programs, setting up a special fund that essentially serves as a “worker’s comp insurer of last resort” for companies who can’t get insurance on their own.
Generally, a state governing board will oversee public/private combinations of workers’ compensation systems. These boards go by several names, such as “quasi-judicial agencies” or “workers’ compensation commissions.”