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Workers’ compensation provides a safety net for you and your employees after a workplace injury. It can help cover expenses for medical treatment, lost wages, and other costs.
It’s an essential component of your small business insurance package that protects you and your employees from financial harm. You’re required to purchase coverage in most states as soon as you hire your first employee.
The workers’ compensation system was created to ensure workers are taken care of if they are hurt on the job, while also protecting business owners from significant financial losses after an accident.
For example, if a heavy beam lands on a construction worker’s foot and causes a compound fracture, workers’ compensation can cover medical expenses and lost wages during the recovery. Without insurance, the employer could be responsible for all related costs, which could add up to tens of thousands of dollars.
Workers’ compensation is not just limited to high-risk jobs. Repetitive-motion injuries (i.e., carpal tunnel), slip-and-fall accidents and strains are more common than you might think at relatively safe desk jobs.
Workers’ compensation coverage is almost always required if you have employees as it partially covers medical bills and lost wages for those who are injured on the job. Business owner’s coverage helps to protect yourself if you don’t have employees.
Workers’ comp can help pay for:
A common misconception about workers’ compensation is that it’s only needed when a business has employees. In fact, many self-employed workers, sole proprietors and independent contractors purchase coverage for the financial protection it provides or to meet contract requirements with clients.
It’s required to get a license for some professions, especially in construction. For example, many states ask for proof of workers’ comp insurance with their general contractor license requirements.
If you don’t have workers’ comp and you are injured at work, you also might not be covered by your personal health insurance. It’s important to read your policy documents carefully to make sure you are protected.
If you need to quickly obtain coverage to satisfy a client, bid, or professional license requirement, you can instantly access your certificate of insurance as soon as you purchase a policy with Cottle Insurance.
Several factors are used to determine the cost of workers’ compensation insurance, including the number of employees at your business, your payroll, the location of your business and other details.
If you are exposed to more risks, you typically pay more for insurance, regardless if you’re purchasing workers’ comp coverage, general liability insurance or another type of business insurance.
That’s why there’s a significant difference between insurance costs for construction businesses and accountants. Both types of businesses face risks every day, but there’s more exposure for construction workers at job sites with raw materials, heavy machinery and power tools.