Some businesses may not be required to have workers’ compensation, but there’s a reason why it’s important to have: it protects your workers AND your business. It’s extremely important to provide your employees with an environment that cares about their health and safety as an individual, not as just another employee. It’s also important to give your business the best protection possible.
Regardless of what business you’re in, accidents do happen. When they do, what’s your plan?
Coverage from Workers’ Compensation
Most states require businesses to invest in workers’ compensation so the employees can receive coverage in case of an emergency happening while on the job. It also protects the business itself from litigation. Coverage from workers’ compensation include:
- Physical injuries or loss of limb(s)
- Illnesses due to the environment
- Motion injuries
- Permanent impairment
- Liability insurance
In the event of an employee becoming sick or injured and suing the company, workers’ compensation can kick in and help pay any major claims filed against the company.
If your state requires you to have workers’ compensation, check the regulations about what is required to be covered or what benefits are given to the employees. If your business doesn’t provide employees with workers’ compensation when it’s required, then you will be expected to pay out-of-pocket for penalties and benefits that would’ve been offered to the employees through workers’ compensation.
Who is not covered?
Most states require that workers’ compensation be provided to employees who work full-time. The size of the business and number of employees also determines if workers’ compensation is needed. However, there are some exceptions on who workers’ compensation does not qualify for and that includes, but not limited to:
- Business owners/partners
- Casual workers
- Independent contractors
- Maritime/railroad workers
Federal government employees are covered under a different insurance program.
Costs for workers’ compensation
The costs for workers’ compensation coverage varies on what type of business you own and how many employees you have. You also have to include the insurance premium on top of any deductibles, claims, and reports you have to pay. By working with an experienced insurance agent, you can see all the best policy options for your business.
How to choose the best workers’ compensation policy
There are different ways to find the best workers’ compensation policy available to you. The best ways to decide on a policy is to know all of the requirements listed in your state’s guidelines, understand what workers’ compensation covers, create ways to help mitigate work-related injuries, and most importantly, work with an insurance agent so they can help you compare and save costs. At Barnhart Insurance, we offer free help to compare costs and find the best plan for you. Give us a call today at 586-506-0340 or send us a message by clicking here.