Worker’s compensation is an important form of insurance that many businesses have to have in order to protect their employees, but it can be confusing to figure out if you need it. Companies of all sizes can benefit from having workers comp, but it often depends on the type of work you are doing, the size of your business, and the laws in your state. This blog will help you understand when you may need to purchase workers compensation insurance and what it can do for you. 

‍

Do I Need Workers Comp? 

‍

If you are a business owner, the answer is likely yes. Most states have laws that require employers to provide workers compensation insurance for their employees. In fact, in some states, it is required by law for any business with more than one employee. In other states, the requirement may only apply to businesses with five or more employees. Regardless, it is important to check the laws in your state to determine if you need to purchase workers comp. 

‍

What Does Workers Comp Do? 

‍

Worker’s compensation is a form of insurance that helps protect both employers and employees in the event of an accident or injury on the job. It covers medical expenses, lost wages, and other costs associated with the injury or illness. It also provides protection for employers from lawsuits if an employee is injured or becomes ill as a result of their job. 

What Does Workers Comp Insurance Cover?

"Medical expenses including hospital visits, medications and emergency surgeries are all covered by workers compensation.

• Lost wages are partially covered when the employee needs time away from work to recover from a work-related illness or injury.
• Disability benefits are available if the injury caused a partial or permanent disability.
• Ongoing care costs, such as physical therapy, are covered by workers compensation.
• Death benefits typically include funeral costs and survivor benefits for the worker’s family."

‍

What Does Workers Comp Insurance Cost? 

‍

The cost of worker’s compensation insurance can vary significantly depending on the size of your business and the type of work you do. Generally speaking, the larger your business, the more expensive the insurance will be. Additionally, the riskier the work environment, the more expensive the insurance will be. Insurance rates can also vary depending on the state you live in and the specific industry you are in. 

‍

How Can I Get Workers Comp Insurance? 

‍

You can purchase workers compensation insurance through an insurance agent or broker. It is important to shop around and compare different policies to ensure you are getting the coverage you need at the best price. You may also be able to purchase workers compensation insurance through your state’s workers’ compensation insurance program. 

‍

Worker’s compensation is an important form of insurance that can provide a layer of protection for both employers and employees. It is important to understand when you may need to purchase workers comp and what it can do for you. If you are a business owner, it is likely that you need to purchase workers compensation insurance, so it is important to do your research and find the right policy for your business.

‍