What Is Workers’ Compensation Insurance?

Workers’ compensation insurance, also known as workman’s comp or work comp, provides your employees benefits and assistance if they get a work-related injury or illness while on the job. These benefits assist with:

• Covering their medical expenses
• Provide financial assistance for most of their lost wages while recovering
• Offer disability benefits
• Pay for funeral if they lose their life while on the job.

Workers’ compensation also has benefits for you and your business, as a small business owner. If an employee gets injured on the job and their family sues your company, work comp can help cover your legal expenses.

While workers’ compensation can help offer benefits to cover work-related injuries and illnesses, you may still be at risk to additional liabilities. Think about other types of insurance that can help protect business. Other coverages include:

• General liability
• Errors and omissions
• Commercial auto insurance

General liability insurance helps protect your business from different claims. These include bodily injury, personal and advertising injury, and property damage.

Errors and omissions insurance helps protect you and your business when a mistake is made in the professional services provided to a customer.

Commercial auto insurance helps protect you if you’re using a vehicle for business purposes and are found at fault of a car accident. If there is property damage or bodily injuries, this can help cover the costs.

Without these other coverages, you company may be liable for the expenses. The costs of damages can be expensive and sufficient to bankrupt any small business or company.

Although Workers’ Comp is typically used for employees, it can also apply to independent contractors. As an independent contractor, work comp insurance can help protect you from work-related injuries or illnesses. In addition many companies you do subcontracting work for my require you and your company to obtain workers’ compensation insurance prior to working on their job site.

Contractors, subcontractors and independent tradesman should carry workers’ compensation insurance and commercial insurance. It not only protects your business, but it is often a requirement by many employers before you can start working for them. Common trades that need contractors insurance include:

It’s always good to have insurance in case of accidents, even if it isn’t required contractually.

Although Workers’ Comp is typically used for employees, it can also apply to independent contractors. As an independent contractor, work comp insurance can help protect you from work-related injuries or illnesses. In addition many companies you do subcontracting work for my require you and your company to obtain workers’ compensation insurance prior to working on their job site.

Insurance companies use a many of different factors to come up with your workers’ compensation insurance cost, such as:

• Total Payroll
• Industry Type
• Number of Employees
• Employees’ type of work
• Claims history

Every business is unique, and workers’ compensation insurance costs differ. The costs can also change depending on the number of employees a business has. That’s due to payroll is a major part of the premium estimate for work comp insurance.

The greatest way to find out how much your workers’ compensation insurance will cost is to a Quick & Easy Quote