Workers’ compensation insurance (also known as workers’ comp) is designed to help businesses cover the cost of employees’ medical expenses and lost wages for work-related injuries, illnesses, and deaths. With more than a decade of experience, Insurance Canopy is a trusted source for businesses of all sizes to get the employee coverage they need.
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Regardless of size or industry, any business that hires employees needs workers’ comp insurance. Workers’ compensation insurance may be required by the state your business is located in or by a contract for work or partnership. If something were to happen to one of your employees because of their job, you have to be ready to cover those costs.
Let’s say you’re a manufacturing company and one of your employees has an allergic reaction to the fumes they are exposed to on the production floor. They had to be rushed to the hospital and miss a week of work. Workers’ comp can help you pay for those expenses.
In another example, let’s say someone broke into your store and an employee was harmed during an altercation. The employee later decides to sue you stating you did not provide a better security system and adequate safety training. Having workers’ comp insurance could help you hire an attorney, pay court costs, and cover settlements or judgements.
Workers’ comp insurance is priced individually based on a few factors unique to your business, so there is not one set price. To calculate your costs, Insurance Canopy will look at:
For example, a small accounting firm in Idaho would expect to pay less than a construction company in California. This is because someone working a desk job is less likely to get hurt than a construction worker. Lower risks may generally mean lower insurance rates.
Your business will be the one who pays workers’ compensation insurance premiums. You then may use this coverage to help you cover medical bills, legal fees, lost wages, or funeral costs for your employees.
Workers’ comp may help your business pay for expenses related to an employee’s illness, injury, or death; such as:
The most common injuries workers’ compensation insurance covers are sprains and strains from heavy lifting, with health care, retail, and manufacturing businesses seeing the highest number of work-related injuries.