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What is workers’ compensation insurance?
Workers’ compensation insurance provides critical financial protection for your small business. In fact, it’s so important that most states require business owners carry it the moment they hire their first employee.
A workers’ compensation policy provides the necessary coverage to help employees in the case of injury or illness sustained in the workplace. Learn more about how we calculate premiums starting as low as $25/month.
Workers’ comp insurance can help cover your business by providing financial assistance with the following:
- Medical expenses for your injured worker
- Supplemental wages for your employee consistent with your state’s statutes
- Legal fees in the event you’re sued for injuries resulting from alleged workplace negligence
What does my workers' compensation policy pay for?
Workers’ comp insurance may be one of the most important investments you’ll make – in your business, in your employees, and in your bottom line. Which is exactly when your workers’ compensation insurance steps in to cover things such as:
Workers’ comp insurance pays for a portion of lost wages when an employee is unable to work while recovering from a workplace injury.
When your employees are injured in the course and scope of work, the medical expenses related to that injury are covered.
If there’s an allegation of employer negligence causing the injury, your workers’ compensation policy can provide legal protection.
Know what workers' compensation covers ... and what it doesn't
Workers’ comp insurance covers a lot of things, but it doesn’t cover everything. All of which makes implementing a safe and healthy work environment that much more important.
Common workplace injuries:
- Slips, trips, and falls
- Falling objects/walking into something
- Motor vehicle accidents
- Repetitive motion
- Cuts and lacerations
Less common workplace injuries:
- When your spelunking team building event goes awry
- When your pit master forgets his gloves opening the grill
- When a runaway bobsled in Park City crashes into the gift shop
- When a moose wanders up to your doughnut shop and busts the plate glass window
- When your bluegrass music themed gift shop’s banjo tuner tightens a string just a tad too tight and it snaps his face
When an accident occurs, Cerity is there to help you and your employee.
When accidents happen, we know you may have a lot of questions. Our members have access to registered nurses 24/7, and we’ll help you through the claims process quickly and easily.
Cerity provides online resources, available any time you need them, to help guide you through each step of the process. Check out our Learning Center to find answers to frequently asked questions and small business resources to better prepare yourself for those unforeseen incidents.
How much does workers’ compensation insurance cost?
Workers’ comp insurance costs are regulated by state – and there are a few main factors that go into determining when you should get it and what your cost, known as premium, will be.
While each state has its own rules, almost all require business owners to purchase workers’ compensation insurance the moment they hire their first employee.
Payroll size and number of employees
Workers’ compensation insurance pays for an injured employee’s lost wages while they recover from an injury sustained in the course and scope of work. As your head count increases, so does your payroll – and the potential for injury in the workplace.
Type of work and risk involved
The type of industry you’re in and the type of work your employees do affects how much your premium will be.
Your claim history
If you have fewer claims than your peers, your premium is more likely be lower. Here’s more info on how to handle a workers’ comp claim.