Workers’ Compensation Insurance

Business Insurance Professionals workers’ compensation insurance helps your employees recover from work-related injuries or illnesses so they can get back to work faster and also protects your business from medical expenses and lawsuits related to workplace accidents.

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Workers’ Compensation Insurance

What is WORKERS’ COMPENSATION INSURANCE

Workers’ compensation insurance, also known as workman’s comp or workers’ comp, gives your employees benefits if they get a work-related injury or illness. These benefits can help:

Cover their medical care
Replace most of their lost wages if they take time to recover
Provide disability benefits
Pay for their funeral if they lose their life

Workers’ comp also has benefits for you, as a small business owner. If your injured employee or their family sues your business, it can help cover your legal costs.

How Does Workers’ Compensation Work?

Workers compensation insurance gives your employees benefits if they have a work-related injury or illness. Also known as workers’ comp or workman’s comp insurance, this coverage can help cover your injured or sick employees’ medical expenses. It can also help replace wages from lost work time.

This type of coverage is “no-fault,” meaning that if the injured employee’s injury, illness or disease arose out of his or her employment, and it was accidental, then the injured employee will receive benefits regardless of fault.

If however, an employee purposely injures himself (for example, by deliberately jumping off a roof), then the injury would not be covered even if the incident occurred during working hours and at the jobsite.

If one of your employees gets a work-related injury or illness, our workers’ comp insurance can help them at every step of their recovery. We’ve designed programs to support small businesses. We’re here to help promote your employees’ safety and well-being, and to get your injured employees back to work as soon as possible.

On top of helping cover their treatment, our workers’ comp insurance can also help pay to train your employees for new roles if they can’t return to their old ones. And, if they can’t return to work at all, workers’ comp can provide long-term disability benefits.

Our workers compensation insurance aims to help protect you and your employees. Our insurance is designed to:

Support companies in various industries
Promote employee safety
Get employees back to work or transitional work
Provide access to training for new skills

How much does workers’ compensation cost?

Business Insurance Professionals customers pay a median premium of $47 per month, or $560 annually, for workers’ compensation. We typically lists median (midpoint) costs, as averages include extremes like high-risk construction businesses that pay much more for workers’ comp.

The average cost of a workers’ comp claim is $40,000, according to the National Safety Council. A workers’ comp premium is likely a much better deal for your business. That’s why small business owners might purchase it even when it’s not required by law.

Most states require employers to provide workers’ comp insurance to employees. It gives your employees benefits if they get injured or become ill from their work. It can also provide death benefits to your employees’ beneficiaries if they pass away from a work-related injury or illness.

Workers’ comp benefits vary depending on the state you’re in, but they usually help cover:

Medical expenses such as hospital visits, medications and emergency surgeries.
Lost wages if your employee takes time away from work to recover.
Ergonomic accommodations when your employee returns to work.
Disability benefits if a work-related injury causes a partial or permanent disability.
Ongoing care costs such as physical therapy.

How Workers Compensation Insurance Is Calculated

Not all workers’ comp costs are the same. There are several factors that can affect workers’ compensation premium rates, including:

State requirements. Workers’ compensation laws vary from state to state. Most states require businesses with employees to have workers’ compensation insurance, but there are exceptions. For instance, in Arkansas small business owners with less than three employees don’t need coverage. State workers’ comp laws may also include specific coverage requirements that affect cost.

The number of employees and payroll. The bigger your staff, the more it can cost to provide coverage. Workers’ comp insurance helps replace some of your employees’ lost wages if they can’t work due to work-related injuries or illnesses. Your cost is calculated per $100 of payroll, so the larger your payroll, the higher your workers’ comp cost can be.

The types of work done by your employees. Jobs that present higher levels of risk result in higher workers’ comp costs. For example, an accountant faces different risks than a lumberjack. Riskier work that has greater potential for workplace injuries, illnesses or death generally cost more to insure.