What is worker’s compensation insurance?
Worker’s compensation insurance provides benefits to your employees if an injury or illness occurs in the course of employment. State law typically requires small businesses with employees to purchase workers’ compensation insurance.
Worker’s compensation insurance is also known as workers comp insurance. This coverage operates operates on a no-fault system. This ensures employees receive help even if it’s not your fault.
What does worker’s compensation cover?
Worker’s compensation insurance is required by state law. There are differences in coverages across the states.Worker’s compensation typically provides the following benefits to employees when an illness or injury occurs due to employment:
Medical expenses
Lost wages
Disability benefits
Funeral or cremation
A worker’s compensation policy can help pay to train employees for new roles if they can’t return to their old job. If the injury prevents them from working entirely, worker’s compensation coverage can provide long-term disability benefits.
What is not covered by worker’s compensation insurance?
- Employee injuries due to intoxication
- Injuries to independent contractors
- Employee injuries due to safety violations
- Injuries claimed after employee termination
How much does worker’s compensation insurance cost?
Worker’s compensation insurance costs vary depending on several factors. This includes your company’s payroll and the industry of your small business. In addition, the number of employees in your small business will affect pricing.
Generally, Gild Insurance customers pay $70 a month for worker’s compensation insurance.
Get worker’s compensation insurance!
Your Gild Insurance Agent is here for you. Your Agent will make sure you get the right business insurance for your business. For a free, online quote, try out Gildber! Gildber will compare workers comp providers. Offering you a fast, hassle-free option for an online business insurance quote!
To dig deeper, visit our Workers’ Compensation Insurance FAQs and blog, The Gildfitter.
