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The unexpected loss of an employee to a workplace illness or injury can be devastating for any business. Workers’ compensation insurance protects both you and your employees from the financial ruin and stress that could result from a workplace incident or accident.
A workers’ compensation insurance policy covers costs like medical expenses, lost wages, and more for employees who suffer work-related illnesses or injuries. It prevents you from paying for those expenses out-of-pocket and demonstrates your commitment to employee safety.
Workers’ compensation insurance isn’t just for businesses like construction companies, where employees are at high risk for physical injury. Any workplace environment can inadvertently expose employees to risks or minor accidents and stress-related injuries. You should have workers’ compensation insurance if you own a business where your employees are at risk of even minor job-related illness or injury like a back strain, slip, and fall.
Here are a few reasons why you would need workers’ compensation insurance:
It ensures that your employees are covered for potentially sky-high medical and rehabilitation services and lost wages if they need to take extra time off.
It eliminates or helps to cover the need for legal action, which can be costly and time-consuming for your business as well as for the employee involved.
Workers’ compensation insurance requirements vary by state, and non-compliance can result in fines and legal action. You should lean on an experienced insurance agent to navigate your state's regulations and ensure proper coverage.
It eliminates or helps to cover the need for legal action, which can be costly and time-consuming for your business as well as for the employee involved.
Workers’ compensation insurance requirements vary by state, and non-compliance can result in fines and legal action. You should lean on an experienced insurance agent to navigate your state's regulations and ensure proper coverage.
Workers’ compensation insurance covers a wide range of risks your business faces. Here are just a few examples:
Despite several years of experience, your lead line cook could still burn herself while preparing fries and require medical care.
After consulting with her provider, your firm’s senior accountant could be unable to work for a month due to carpal tunnel syndrome, requiring compensation for lost wages.
An employee could die tragically due to a workplace illness, resulting in funeral and other related expenses that need to be covered immediately.
After consulting with her provider, your firm’s senior accountant could be unable to work for a month due to carpal tunnel syndrome, requiring compensation for lost wages.
An employee could die tragically due to a workplace illness, resulting in funeral and other related expenses that need to be covered immediately.
While coverage varies according to each plan, worker's compensation insurance does not generally cover:
Intentionally sustained injuries.
Incidents related to intoxication or drug use.
Injuries that are not a direct result of job functions.
Incidents caused by behavior that violates the law or company policy.
Incidents related to intoxication or drug use.
Injuries that are not a direct result of job functions.
Incidents caused by behavior that violates the law or company policy.
The average annual cost of a workers’ compensation insurance policy can start at around $550 for a small business, but coverage costs will vary. Here are a few factors that can influence the price of workers’ compensation for your business:
Though workers’ compensation insurance covers some of the most common business risks, it doesn’t cover everything. Here are just a few other common examples of risks and coverages and why you may need them to protect your business:
A business owner’s policy provides comprehensive coverage by bundling general liability insurance, commercial property insurance, and business income interruption insurance into a single policy. This makes the insurance process easier and more affordable.
A professional liability (E&O) policy covers the risks of professional services providers. If you advise or offer professional services (ex., accountant, consultant, lawyer, engineer, doctor, etc.) and you or your employee make a mistake that causes a loss for your customer, you are liable for that mistake and can be sued.
Cyber insurance protects you against the consequences of a cyber incident, such as data breaches, network security failures, cyber extortion (ex. ransomware), and other cyber attacks.
A commercial auto policy covers vehicles used for business purposes, including cars, trucks, vans, and other vehicles owned or leased by your business.
A general liability policy covers your business from financial losses and/or legal expenses resulting from any injury experienced by a customer or damage caused to your customer’s property.
By now you understand how important it is for your business to be properly insured. What’s next? Call (380) 225-5242 to connect with an experienced insurance agent who understands the nuances of your business and industry.
