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.
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.
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.
Regulating Agency and References
Insurance Information Institute (III)
This organization’s mission is to improve public understanding of insurance – what it is and how it works. Visit III at https://www.iii.org.
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