Workers Compensation Insurance
Get a QuoteWorkers' compensation insurance provides coverage for injuries sustained during employment, including medical care expenses, lost wages, and rehabilitation. It also offers state-mandated benefits to the families of employees who die due to work-related accidents.
Worker's compensation insurance, also known as workman's comp or work comp, covers injuries sustained during job duties. It obligates employers to pay for medical care and a portion of lost wages regardless of fault.
The rules for insurance are established by the statutes in each state therefor coverage can vary from state to state. Each state's laws govern the following:
A business owner must get Workers Compensation Insurance type of insurance if:
Covers immediate and ongoing medical expenses, including surgeries, therapy, and prescriptions.
Reimburses a percentage of lost wages if an employee is unable to work due to injury.
Provides ongoing care for permanent disabilities resulting from workplace injuries.
Offers support payments to dependents of employees who die from workplace injuries.
Covers legal expenses if an employee sues the company for injury.
Following are some common instances of Workers’ Compensation Insurance Claims:
Injuries resulting from strenuous work, such as muscle tears, are covered.
Injuries caused by exposure to hazardous substances or environments are compensated.
Accidents like slips and falls during work hours are covered.
Read up about the overview of workers’ compensation insurance on our website. Contact us by phone or email for more queries. We patch you up with a suitable insurance provider on our platform. We understand your needs as a business owner and provide you with a platform to browse from some of the best insurance deals.
Class codes, also known as workers' compensation classification codes, categorize occupations for insurance premium determination.
Insurance providers use class codes to assess the risk of job-related injuries and determine premiums accordingly.
Employees in high-risk industries are charged higher rates. An office clerical worker (class code 8810) is less susceptible to injury than a roofer, (code 5403) on a 2 story home. It's less expensive for workers compensation to insure a clerical employee than a construction worker.
Three primary variables are used in calculating the worker's compensation rate equation.
Indicates the type of work performed and its risk level.
The annual payroll by job duty determines the cost of coverage.
Reflects the company's history of workers' comp claims and safety record.
1. How to choose a good workers' compensation insurance company?
To choose a good workers’ compensation insurance company, you should check their financial rating with company such as AM Best which provides a snapshot of the carriers rating, try to stay with an “A” rated carrier. You can also check with your state insurance commissioner’s site to make sure the insurance company is authorized to do business in your state. Aside from these factors, consider what is important to your company. Are you in a business that has a higher injury rate than most? If so, an insurance company’s loss prevention and risk management services available are worth checking into. Your agent can provide links to each carrier’s divisions so you can check out what they offer. Some insurers may offer free safety training or videos that you can show at a staff safety meeting.
2. What are workers' compensation insurance requirements by state?
Each state has different workers’ compensation insurance requirements. To know more about it, check out your state on InsuranceAdvisor.com.
3. Which type of workers' compensation claim is easy to process?
Medical-only type of claim that is the simplest to file and easiest to process.
4. How much is workers compensation insurance in Florida?
In Florida, rates are set per $100 of payroll, there are over 500 different job classifications with a specific rate set for each. The FL rates for a clerical employee in 2022 is $0.16 while a roofer’s rate is $11.41 per $100 of payroll. Payroll and loss experience are two of the main factors that determine your premium.
5. Is workers compensation insurance compulsory in the USA?
Workers' compensation insurance is required in nearly every state, requirements are different depending on the industry and the number of employees a business has. Workers’ compensation is governed by state law. There are some industries in which federal requirements and benefits come into play, these are railroad work, longshore and harbor workers, and work subject to the Jones Act (ocean going vessel workers), there may be more.
Click here for more Frequently Asked Questions on Workers' Compensation Insurance.
