How to Buy Cheap Workers Compensation Insurance Online: Getting Quotes in Each State

Does the workers compensation insurance for your business meet the requirements set by your state? If not, then you could end up paying extra thousands of dollars in the event of an injury or death among your workers while on the job.

Obtaining workers compensation insurance is not enough. You have to obtain the right level of coverage required by law to ensure that you can provide adequate medical care for your employees in the event of injury. At the same time, it also hedges your business against financial loss resulting from lawsuits filed against you by an injured employee.

Workers Compensation Insurance

What does workers compensation insurance cover?

You can use your insurance coverage to pay for the following fees/expenses.

Medical Bills/Expenses

This will cover the medical care and needs of your employee. It will cover the expenses from the examination of injury through to the rehabilitation until they are declared fit to work again. With that said, employees are responsible not just for the immediate treatment needed by your employees. You must also cover the bills of their rehabilitation until they make full recovery from the injury. Aside from the treatment, if there are any medications they need, this will also be included in the total medical expenses that you have to cover.

Lost Wages

In the event that your employee's injury is serious enough that they are unable to work for weeks to months, the workers compensation insurance will pay for their lost wages until they are able to return to work. This is important when your workers are required to perform physical jobs as any form of injury can prevent them from doing their work. With this type of benefit, your employees can focus on their full recovery without having to worry about losing income.

Survivor Benefits

In the event of employee death, the employer is liable to pay the support to the families left behind by the deceased employee. The workers compensation insurance will cover the funeral costs and income replacement of the employee.

Permanent Injury

The workers compensation insurance is also designed to provide payment for the employees who have been rendered incapable of returning to work due to permanent injury. The payment will cover the lost income due to the injury. The length of the coverage and the amount to be paid to the employee will vary on a case-to-case basis. It will also be determined by the existing state laws on workers compensation.

Employers Liability

The workers compensation insurance will also protect your business from lawsuits filed against you by workers. This will help to protect your business from financial loss resulting from such legal actions. This is not just designed to provide protection from lawsuits filed by employees, though. It will also provide legal and financial protection against clients, vendors, and any other third-party involved with your business.

Retraining/Recruitment

In the event of an employee death or permanent injury, your business will have to acquire new talent to join your team to replace that particular employee's position. This type of insurance will also provide financial support to help retrain the new acquisition. It can also be used when the same employee is trained for a new skill if they are unable to perform the same set of responsibilities that are expected of them prior to obtaining an injury.

Workers Compensation Insurance

FAQs on Workers Compensation Insurance

These are a few important details you need to know before shopping for or getting workers compensation insurance.

How does workers compensation insurance work?

Workers compensation insurance serves as a hedge for your business against potential injuries or death in the workplace. The financial support that you can get will cover for the employee's medical treatment, lost wages, survivor benefits, and legal fees.

It can be purchased as part of your small business insurance or can be obtained separately. Regardless of how you wish to obtain it, this insurance is a must as it will protect your business from severe financial loss. It is also a legal requirement for many states to obtain this type of insurance before you can operate legally.

This type of insurance was established in order to protect employers from injury in the workplace. At the same time, it is also designed to protect your business from financial loss when accidents do happen. This type of insurance is not just designed for those who work in high-risk jobs. It is required even for most desk jobs.

What are the benefits of obtaining workers compensation insurance?

Aside from the ability to protect your business financially, having a workers compensation insurance policy is a good way to build trust between you (the employer) and your employees. It proves that you don't cut corners. It shows them that you have their welfare in mind.

When your employees know that they have this type of protection, it will boost their productivity. They will become more motivated to give it their best at work because the business has invested in their safety and welfare.

As a result, they can give their full focus on delivering quality work.

What is included in the coverage?

The extent of coverage for the workers compensation insurance will vary depending on the specific coverage that you paid for. The minimum coverage requirements will also vary based on the state laws for every state.

However, a typical workers compensation insurance policy will include coverage for medical expenses and bills, loss of income, permanent injury, survivor benefits, and legal fees. Therefore, each policy will cost differently based on the inclusions for that particular policy and your business needs.

Is workers compensation insurance needed for self-employed individuals?

There is a general misconception that this type of insurance is only needed by business owners with employees. In reality, this type of insurance is also essential if you are an independent contractor, sole proprietor, or self-employed individual. This will provide financial protection to your business and also ensure that you can satisfy your clients' contract requirements.

In addition, there are some self-employed professionals who need to obtain workers compensation insurance as a requirement for license. Many states require you to provide proof of this insurance to renew or register a license.

One more reason to obtain workers compensation insurance is that your personal health insurance won't cover your medical expenses if they are related to your job. Make sure you review the policy documents carefully to ensure that you get the adequate amount of protection.

How much does it cost?

The cost of workers compensation insurance Cheap Workers Comp Insurance California Cheap Workers Comp Insurance Florida Cheap Workers Comp Insurance Georgia Cheap Workers Comp Insurance Illinois Cheap Workers Comp Insurance Michigan Cheap Workers Comp Insurance New York Cheap Workers Comp Insurance North Carolina Cheap Workers Comp Insurance Ohio Cheap Workers Comp Insurance Pennsylvania Cheap Workers Comp Insurance Texas will vary based on a number of factors but it is possible to get cheap coverage. These factors include the number of employees, nature of business, location of business, and other factors that impact workers safety in the workplace.

With that said, high-risk jobs cost more to insure than the regular desk jobs. It is important to do your research and compare as many quotes as possible so you can get the best cheap price without compromising on the coverage you get.

There are also state pricing guidelines that must be followed when calculating the cost of workers compensation insurance. In addition, your business' claims history can also have an impact on the cost of your insurance policy.

If you have had a history of claims before, then chances are you will get a higher premium than those businesses that have not made any claims. Moreover, you can expect your new policy to cost more if you just recently filed a claim with your insurance company.

When you apply for a workers compensation insurance coverage policy, you will be asked to provide a few details. These details include a) your total payroll, b) number of employees, and c) type of work your employees do.

The location of your business is also something to consider when determining the cost of your insurance policy. Some states have higher premium rates and pricing guidelines. Therefore, operating a business in that particular state would mean that you need to pay more for workers compensation insurance than the same type of business in another state.

How do you apply for workers compensation insurance?

To get started on getting your insurance policy, you need to research your options first. Gather at least three quotes from three different insurance providers. Make sure to compare not just the cost but also the inclusions in the coverage.

Most insurance providers are able to provide you with an online quote and application so this can be done in a seamless fashion. It is also important to assess your business (and employees') needs first so you know exactly what type of coverage can give you full protection.

There are also several websites that offer quick and easy comparison of insurance quotes. If you want to save time in researching companies that offer this type of insurance, you can turn to them. It will save you time and effort in doing your research so you can get the information readily available for you to do a comparison from.

You can also work with an insurance advisor to help assess your company needs. They can help educate your decision on the best policy is available for your business so you can get maximum protection. You should never try to cut costs at the expense of reducing your coverage as you could end up paying more in the long run (when the coverage you purchased prove insufficient upon making a claim).

Summary

Workers Compensation Insurance, or worker's comp as it is commonly known, is a statutory insurance protection provided to workers who are injured in the course and scope of their employment. Workers' Compensation is called a statutory coverage because workers compensation benefits are established by state statutes (statutory law).

Each state and territory of the United States sets its own workers' compensation laws. Therefore, covered benefits and benefit levels differ from state to state. However, all workers compensation laws have some things in common. Generally, workers' compensation in all states provides coverage for medical bills and lost wages for workers who are injured while on the job regardless of fault. So even if an employee is responsible for his/her injuries, workers compensation will provide benefits to the employee. In exchange, workers give up their tort claim rights. In other words, workers give up their rights to sue an employer for an injury which occurs while on the job.

Workers Compensation was intended to reduce litigation between workers and employees while guaranteeing that employees receive timely and adequate medical care as well as reimbursement for lost wages while recovering from an injury. However, many workers hire lawyers and many claims are litigated to determine the amount of benefits owed to an employee.

Since each state sets its own workers' compensation laws and benefits, each state has its own department or division to handle its workers' compensation program. Below are links to the departments or divisions that handle the administration of workers' compensation for each state and territory.

Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Puerto Rico
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
U.S. Virgin Islands
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming