Everything from examinations and treatments to rehabilitation
Enables employees to fully recover from an injury before returning to work
Supports families by covering funeral costs and income replacement
Helps employees who need to learn skills and enter a new field
Takes care of employees who can no longer work due to injury
Protects your business from financial losses if an employee files a lawsuit against you
Workers’ compensation provides a safety net for you and your employees after a workplace injury. It can help cover expenses for medical treatment, lost wages, and other costs.
It’s an essential component of your small business insurance package that protects you and your employees from financial harm. You’re required to purchase coverage in most states as soon as you hire your first employee.
The workers’ compensation system was created to ensure workers are taken care of if they are hurt on the job, while also protecting business owners from significant financial losses after an accident.
For example, if a heavy beam lands on a construction worker’s foot and causes a compound fracture, workers’ compensation can cover medical expenses and lost wages during the recovery. Without insurance, the employer could be responsible for all related costs, which could add up to tens of thousands of dollars.
Workers’ compensation is not just limited to high-risk jobs. Repetitive-motion injuries (i.e., carpal tunnel), slip-and-fall accidents and strains are more common than you might think at relatively safe desk jobs.
Start an instant quote today to explore options for your business.
There are several reasons why workers’ compensation is a good investment for your business:
Because of the essential nature of workers’ compensation coverage, it is legally required in most states for businesses with employees. There can be significant penalties for non-compliance, ranging from fines to felony criminal charges in the most extreme cases.
It’s essential to know the workers’ comp requirements in the states where you do business. For example, Colorado requires coverage as soon as you hire an employee. Workers’ comp in Texas is optional, but many businesses and government contractors will ask you to have coverage.
Workers’ compensation coverage protects employees and business owners like you. Let’s say human error, equipment malfunction or just plain bad luck leads to an employee breaking his leg. He’s going to need X-rays, possibly surgery, physical therapy and several weeks of recovery until he can do his job again.
Workman’s comp insurance can help pay for all those expenses. Otherwise, the business owner would most likely be responsible for covering costs out of pocket.
Even if you are a sole proprietor, you may want to consider getting workers’ comp insurance business owners coverage. Your policy can help you in cases that aren’t covered by your health insurance. For example, your health insurance may exclude workplace accidents that would typically be covered by workers’ comp.
A trusting relationship between employers and employees can make a significant difference in productivity levels. When employees know that you have their back in both good times and bad, they are more invested in their work and focused on the job at hand.
Proving you take care of your employees will help you attract and retain the best workers in your area.
Next Insurance offers a painless and seamless way for you to explore workers’ comp coverage options for your business. Simply start an instant quote, provide a few details about your operations and review your options online.
Once you purchase coverage, you’ll have instant access to your certificate of insurance 24/7 from a mobile device or computer.
Your workers’ comp policy can help pay for medical expenses, loss of income, retraining for employees, permanent injury and survivor benefits after a workplace injury. The amount of coverage provided by your policy is regulated by state law and varies based on where you do business.
Coverage for medical expenses can vary depending on the injury, but a workers’ comp insurance policy will typically help pay for immediate and ongoing medical treatment, and rehabilitation costs.
For example, if an administrative assistant at your business has work-related wrist pain, workers’ compensation could pay for the initial diagnosis, ongoing treatment and physical therapy.
For people in very physical jobs, even a small injury can make it difficult, or impossible, to work safely. Workers’ compensation insurance coverage enables an injured employee to take the time they need to recover without worrying about lost wages while they are out of work.
Workers’ compensation will cover most of the employee’s wages while they are recovering. The percentage of coverage varies based on the state where the injury occurred.
Some injuries can prevent an employee from ever returning to the same job. In this situation, workers’ compensation insurance will pay for the employee to learn new skills and enter a new field.
For example, a furniture mover at a moving company could experience a long-term back injury. In that case, the employee could be retrained for a desk job.
You and your employees can be eligible for long-term benefits after an injury that never fully recovers or causes a permanent impairment. The amount and length of coverage varies on a case-by-case basis and is determined by the workers’ comp requirements in your state.
In the unfortunate event of work-related death, workers’ compensation can help pay for burial expenses and provide financial help for the employee’s family.
Employers’ liability insurance helps protect your business if an employee, client, vendor or other third party files a lawsuit against you because of a work-related injury, illness or death. It comes into play when someone files a lawsuit because they believe the employer’s actions (or failure to act) caused or significantly worsened the employee’s injury or illness.
Employers liability coverage is part of every workers’ comp policy we sell.
A common misconception about workers’ compensation is that it’s only needed when a business has employees. In fact, many self-employed workers, sole proprietors and independent contractors purchase coverage for the financial protection it provides or to meet contract requirements with clients.
It’s required to get a license for some professions, especially in construction. For example, many states ask for proof of workers’ comp insurance with their general contractor license requirements.
If you don’t have workers’ comp and you are injured at work, you also might not be covered by your personal health insurance. It’s important to read your policy documents carefully to make sure you are protected.
If you need to quickly obtain coverage to satisfy a client, bid, or professional license requirement, you can instantly access your certificate of insurance as soon as you purchase a policy with Next Insurance.
Workers’ comp coverage can start as low as $14 a month when you purchase a policy with Next Insurance. Several factors are used to determine the cost of workers’ compensation insurance, including the number of employees at your business, your payroll, the location of your business and other details.
That’s why there’s a significant difference between insurance costs for construction businesses and accountants. Both types of businesses face risks every day, but there’s more exposure for construction workers at job sites with raw materials, heavy machinery and power tools.
Other factors that influence the price of your coverage:
No matter where you purchase insurance, you’ll need to share:
These factors are combined with state pricing guidelines to calculate your workers’ comp costs. If most of your employees work at desk jobs, you’ll typically pay less than a business where employees work at a job site.
Workers’ compensation is highly regulated at the state level. This influences the cost of your coverage. The price you pay is determined, in part, by the state where you do business. If you have employees in multiple states, you’ll need to meet the requirements of each state.
Having a history of workers’ compensation claims and workplace injuries can affect the price of a new policy.
You can find out how much workers’ compensation will cost your business by completing a free instant quote with Next Insurance.
Once you start a quote, we’ll ask for some necessary information about your employees, payroll and operations.
The whole process takes about 10 minutes, and our U.S.-based insurance advisors are available if you have any questions.
With Next Insurance, you can get covered in less than 10 minutes, 100% online.
Workers’ compensation is a bit more complicated than other types of business insurance since it is highly regulated by state governments and it requires more information about your business than other policies.
We work hard to simplify the process with a painless and seamless online application so you can get back to focusing on your business.
The first step to getting the coverage you need is starting an instant quote. We’ll ask you some questions about your business so we can customize a policy to meet your needs.
You should be prepared to share details about:
If you have any questions about the process or your coverage options, our licensed U.S.-based insurance advisors are standing by to help.
You can also save time and up to 10% by bundling other types of business insurance with your workers’ comp policy (Note: Coverage and discount eligibility may vary from state to state).
Get insurance in less than 10 minutes and save up to 30%
Unique, flexible coverage with easy monthly payments
Do it all 100% online or talk to a licensed U.S.-based advisor
No matter how careful you are, accidents happen. Workers’ comp provides peace of mind for you, your team and the people they care about.Get a Free Quote
Whatever business you run, we have tailored coverage to fit your needs. Plus, save up to 10% when you sign up for more than one policy. Win-win. (Note: Coverage and discount eligibility varies from state to state.)