Workers' Compensation Insurance
Protection for you and your employees
Workers’ Compensation insurance protects employees and employers from accidents that occur in the workplace. While employers are legally obligated to provide safe workplaces, accidents still happen. When they do, Workers’ Compensation insurance covers employee’s medical bills, and can extend to lost wages and legal expenses associated with the specific case. Workers’ Comp also protects you from being sued by employees that are injured while working.
Have questions? Speak with one of our insurance experts to find the right coverage for your business.
Peace of mind in a policy
Workers' Comp protects your business from
- injuries to, or loss of, limbs
- repetitive motion injuries
- work site accidents
- medical treatment
- lost wages (up to limits)
- death and related costs
- injured employee lawsuits
- rehabilitation for injury
What Workers' Comp costs
There are many factors that affect the cost of your Workers’ Compensation insurance, including industry risk, size of payroll, and the number of employees and their classifications. A new study by the Bureau of Labor Statistics finds that the average employee costs a business $34.05 per hour in wages, benefits, insurance, etc. Workers’ Comp comprises $0.47 of that amount, or approximately 1.4% of the total cost of the employee. Workers’ Comp coverage for construction workers averages 3.1% of their total compensation, whereas it is as low as 0.7% for office workers.
Your claims history can also impact the cost of your Workers’ Compensation insurance. A history of few or no incidents will result in lower rates, while frequent claims will increase your rates. However, discounts are still available for businesses that implement work safety programs and enforce a drug-free workplace.