Workers Compensation

Businesses bear responsibility for the health and wellness of their employees. Implementing proper workplace safety measures and regularly reassessing potential risks and hazards are critical parts of operating a company in any industry. Unfortunately, even the most diligent and safe businesses cannot eliminate every threat entirely. With that in mind, all businesses must take the time to understand and acquire an adequate workers’ compensation insurance policy. 

What Is Workers’ Compensation Insurance? 

Workers’ compensation insurance is critical for your company to manage the aftermath of a workplace incident. This coverage can provide vital financial aid for your business to pay for company legal expenses and employee recovery costs. Furthermore, for almost all businesses across the United States, workers’ compensation is legally required.   

What Does Workers’ Compensation Insurance Cover? 

An adequate workers’ compensation policy will protect both your business and employees from the financial ramifications of workplace illnesses and injuries. In most cases, coverage can help pay for the following: 

• Health care costs—If an employee’s injury or illness requires medical treatment, workers’ compensation can help cover expenses.
• Lost wages—If a workplace incident hinders an employee’s ability to conduct their normal duties, your insurance can help them recoup any resulting lost income.
• Disability benefits—If an employee develops a disability due to a work-related incident, this coverage can help pay for benefits.
• Death/dependent benefits—If a workplace incident proves fatal, your insurance may be able to compensate the deceased’s family, such as by paying for funeral costs or replacing lost income. 
• Legal costs—If a workplace injury or illness leads to your company being sued, your insurance can help pay for your defense and settlements. 

How Much Does Workers’ Compensation Cost? 

Although nearly all employers are required to carry workers’ compensation insurance, premiums can vary significantly. Your cost of coverage will depend on the specific characteristics and circumstances of your business. In general, insurance providers must analyze the following factors: 

• Location
• Industry
• Operations
• Number of employees and total payroll   
• Prior claims history
• Coverage limits 

Get the Right Coverage 

Workplace incidents can be traumatizing for employees who are directly affected, as well as colleagues and your company. In their wake, workers’ compensation insurance can be critical to ensure your employee has access to the care they need and your business can manage the situation financially. In addition, this coverage can provide peace of mind for workers as they go about their duties. 

With over 75 years of experience among its leadership team, All Things Comp has the expertise to help your business understand its workers’ compensation coverage needs and address them with an optimal policy. Contact us today to get started.