Workers Compensation Insurance

What is Workers’ Compensation insurance?

After a workplace injury, workers' compensation provides a safety net for you and your employees. It can help pay for medical bills, lost wages, and other expenses.

It's an important part of your small business insurance package because it protects you and your employees from financial loss. Most states require you to purchase coverage as soon as you hire your first employee.

Workers' compensation was established to ensure that workers are taken care of if they are injured on the job, while also protecting business owners from significant financial losses following an accident.

For example, if a heavy beam lands on a construction worker's foot, causing a compound fracture, workers' compensation can cover medical expenses as well as lost wages while the worker recovers. Without insurance, the employer may be held liable for all associated costs, which could total tens of thousands of dollars.

Workers' compensation is not limited to high-risk occupations. Repetitive-motion injuries (such as carpal tunnel syndrome), slip-and-fall accidents, and strains are more common than you might think at seemingly safe desk jobs.

Begin an instant quote today to investigate options for your company.

There are several reasons why investing in workers' compensation is a good idea for your company:

Workers' compensation is required in the majority of states.

Workers' compensation coverage is legally required in most states for businesses with employees due to its essential nature. Noncompliance can result in severe penalties, ranging from fines to felony criminal charges in the most extreme cases.

It is critical to understand the workers' compensation requirements in the states where you do business. Colorado, for example, requires coverage as soon as you hire an employee. Workers' compensation is optional in Texas, but many businesses and government contractors will require it.

It safeguards employees as well as your company.

Employees and business owners like you are protected by workers' compensation insurance. Assume that an employee breaks his leg due to human error, equipment malfunction, or simply bad luck. He'll need X-rays, possibly surgery, physical therapy, and several weeks of rest before he can return to work.

Worker's compensation insurance can help cover some of these costs. Otherwise, the business owner would almost certainly be on the hook for covering costs out of pocket.

Even if you are a sole proprietor, you should think about getting workers' compensation insurance for business owners. Your policy can assist you in situations where your health insurance does not cover you. For example, your health insurance policy may exclude workplace accidents that are normally covered by workers' compensation.

It demonstrates that you do not cut corners.

A trustworthy relationship between employers and employees can have a significant impact on productivity levels. Employees are more invested in their work and focused on the task at hand when they know you have their back in both good and bad times.

Demonstrating that you care about your employees will help you attract and retain the best employees in your area.

Explore Workers’ Compensation options with StrongInsurance

StrongInsurance makes it simple and easy to investigate workers' compensation coverage options for your company. Simply start an instant quote, enter a few details about your business, and review your options online.

Once you've purchased coverage, you'll have instant access to your certificate of insurance from any mobile device or computer, 24 hours a day, seven days a week.

What is covered by Workers' Compensation?

Workers' compensation insurance is almost always required if you have employees because it pays for some of the medical bills and lost wages for those who are injured on the job. If you do not have employees, business owner's coverage can help you protect yourself.

Workers' compensation can help pay for:

Medical costs
Wages have been lost.
In the event of an employee's death, survivorship benefits are available.
Employer liability

Do I need Workers' Compensation if I work for myself ?

A common misconception about workers' compensation is that it is only required when a company employs people. In fact, many self-employed workers, sole proprietors, and independent contractors purchase coverage for the financial security it provides or to meet client contract requirements.

Some professions, particularly construction, necessitate the acquisition of a license. Many states, for example, require proof of workers' compensation insurance as part of the general contractor license requirements.

If you do not have workers' compensation and are injured on the job, you may not be covered by your personal health insurance. It is critical to carefully read your policy documents to ensure that you are adequately protected.

If you need to obtain coverage quickly to meet a client, bid, or professional license requirement, you can access your certificate of insurance immediately after purchasing a policy with StrongInsurance.

What is the cost of Workers' Compensation?

When you purchase a policy from StrongInsurance, you can get workers' compensation coverage for as little as $14 per month. The cost of workers' compensation insurance is determined by a number of factors, including the number of employees at your company, your payroll, the location of your company, and other details.

If you are exposed to more risks, you will typically pay more for insurance, whether you are purchasing workers' compensation insurance, general liability insurance, or another type of business insurance.

As a result, the insurance costs for construction companies and accountants differ significantly. Every day, both types of businesses face risks, but construction workers are more vulnerable on job sites with raw materials, heavy machinery, and power tools.

Other factors that influence the cost of your insurance include:

Your company's employee and payroll numbers

You will need to share the following information regardless of where you purchase insurance:

How many employees do you have at your company
What they do for a living
Your total salary

To calculate your workers' compensation costs, these factors are combined with state pricing guidelines. If the majority of your employees work at a desk, you will typically pay less than a company where employees work on the job site.

Where you conduct business

At the state level, workers' compensation is strictly regulated. This has an impact on the cost of your insurance. The price you pay is influenced in part by the state in which you do business. If you have employees in more than one state, you must meet the requirements of each state.

Your previous claims and coverage history

A history of workers' compensation claims and workplace injuries can influence the cost of a new policy.

Request a Workers' Compensation quote for your company.

Fill out a free instant quote with StrongInsurance to find out how much workers' compensation will cost your company.

When you begin a quote, we will request some information about your employees, payroll, and operations.

The entire process takes about 10 minutes, and our insurance advisors in the United States are available to answer any questions you may have.

How do I obtain Workers' Compensation insurance?

You can get covered in less than 10 minutes with StrongInsurance, and you can do it entirely online.

Workers' compensation insurance is a little more complicated than other types of business insurance because it is heavily regulated by state governments and requires more information about your company than other policies.

We work hard to make the process as simple as possible by providing a painless and seamless online application so you can get back to running your business.

The first step toward obtaining the coverage you require is to begin an instant quote. We'll ask you some questions about your company so that we can tailor a policy to your specific needs.

You should be prepared to provide information about:

What you do for a living
Where you conduct business
The type of business you own and the number of years you've been in operation
The number of employees in your company
Payroll total
The nature of the work performed by your employees
Your employer identification number from the federal government. This can usually be found on your tax documents, or you can apply for one online with the IRS.

If you have any questions about the process or your coverage options, our licensed insurance advisors in the United States are here to help.

You can also save time and money by bundling other types of business insurance with your workers' compensation policy (Note: Coverage and discount eligibility may vary from state to state).