Workers Compensation Insurance Quotes: What To Look For

Accidents happen, or so they say. It doesn’t matter where you are, we all have to accept that sometimes the unexpected just happens.

For the most part, we all sort of make our peace with this fact. But the workplace presents a special problem, in the form of workers’ compensation. These are plans designed to help staffers “make up” for lost income and expenses after work-related injuries or sicknesses.

Join us today, as we bring you our roundup of workers compensation insurance quotes factors, the benefits of these plans, and the dangers should you choose not to use them.

Workers’ Comp: Some Background

Workers’ compensation, as a concept, might seem relatively new in the business world. The truth, however, is that laws governing the compensation of employees can be traced back as far as 100 years. Before that, employees injured on the job would have to sue employers for negligence. This is an unpleasant process, to say the least, even before the money or time wasted on the process.

Special compensation laws helped to set this right, establishing what is now known as a “no-fault system”. Employees no longer have to take their former employers to court, at all. They are instead entitled to compensation as a fait accompli and do not have to prove the employer actually caused the injury in order to file for compensation.

And don’t be fooled into believing this is necessarily a loss for employers. Paying workers’ compensation insurance protects employers against lawsuits in the event where someone injures themselves on the job by mistake. While it may feel like you’re paying out, constantly, this safeguards employers against damage payouts.

Who Needs Coverage

Put simply, if you have employees you’ll need workers’ compensation coverage. Independent contractors don’t require workers’ comp coverage, as they are associated with their own businesses, first and foremost.

If you are self-employed as a sole proprietor or part of a partnership, or a member of a limited liability company, you’re not required to buy workers compensation unless you have employees who aren’t owners. Mostly, the same applies to officers in “closely held” corporations.

Casual labor and specific types of domestic workers are exempt from workers’ compensation, as well as farm laborers. Your state may also exclude employers with fewer than a certain number of staffers underneath them.

Depending on the state you’re in, you may be able to obtain an exemption from workers’ comp requirements. In certain states, sole proprietors, partners, LLC members, and corporate officers are able to file a waiver with the state workers’ comp agency. File correctly, and you may be exempt from your state’s specific requirements.

Workers Compensation Insurance Quotes: Cost Factors?

Workers compensation insurance quotes will differ from state to state, depending on various factors:

• • The nature of your state’s workers’ comp benefits
  • The employer’s payroll size
  • Which industry you work in
  • The number of claims your employees have previously filed

Employers can expect to pay more when insuring employees in hazardous occupations than somewhere relatively safe, like an office or call center. This can mean the difference between a $500 to $600 plan to insure your marketing team in their cubicles, versus ten times that to insure the construction team building your house.

The Risks Of Not Investing In Workers’ Compensation

As mentioned earlier, the chief risk of not having workers’ compensation insurance is that it opens you up for a lawsuit in the event someone injures themselves “on your watch”. Paying for your defense out of your own pocket will almost always work out to more than you’d pay just investing in workers’ compensation.

Interested in the benefits of better workers’ compensation insurance quotes in your business? We don’t blame you – a full compensation package is not only a good idea but also a legal requirement in a lot of instances. Visit Vision HR today for workers compensation insurance quotes to cover your employees in the event of an accident.