Workers’ Compensation
What Is Workers’ Compensation Insurance?
The backbone of your company are your employees. Your business depends on them for the knowledge, service and expertise needed to run your company, they count on you to take care of them if the unexpected occurs.
You aim on operating a safe, secure work environment where your employees can perform to the best of their ability while helping your business grow. Even in the most ideal circumstances, the reality is that accidents and illness can still happen.
Workers’ comp insurance gives your employees benefits if they get a work-related injury or illness. These benefits help cover their medical care, replace most of their lost wages is they take time to recover, provide disability benefits. Workers’ comp also has benefits for you as a business owner. If your injured employee or their family sues your business, it can help cover legal costs.
Workers’ compensation insurance, commonly known as workmen’s comp insurance or simply workers’ comp can help if:
An employee is injured in auto accident while running errands for the company
An employee develops carpal tunnel syndrome from working on the computer
An employee gets hurt while walking up the stair in your office
How Much Is Workers’ Compensation Insurance?
Coverage requirements vary by state, the cost of workers’ comp depends on where your business operates. Other factors insurance companies use to come up with you workers’ comp insurance cost include…
Your company’s annual payroll.
Your industry.
The type of work your employees do.
Your claims history.
Like all insurance, workers comp is priced based on risk. Riskier industries and jobs are more expensive to insure than less risky ones. To make sure prices are as fair as possible, they’re determined by classification codes.
Each type of work or industry has a unique classification code that classifies the industry and risk and helps the insurance carrier determine a suitable rate.
One way to save money on your Workers Comp policy is to make sure you’ve classified every employee correctly. The front desk administrative assistant for a construction firm, for example, will have lower rates than that of an employee doing roofing work.
At Grow Green Insurance Services we know the importance of keeping your employees safe and sound. Afterall they are the backbone of your business.
Want a Free Quote for Workers’ Comp Insurance?
Grow Green Insurance offers unique workers compensation solutions such as:
• Specialty carriers for every industry
• Preferred pricing through partnered relationships
• “Pay What You Want” in Broker Fees