Navigate Workers’ Compensation Plans

Workers Compensation Programs

You own a small business where the staff is almost an extension of your family. If one of your employees suffered a work-related fatality, injury or illness it would not only be devastating for you as an individual but it could be devastating for your business. On-the-job injuries are bad for morale and productivity and can be costly.

To help mitigate risks, you can create a culture that prioritizes safety. It is also important to make sure your business has adequate workers’ compensation insurance. Workers Compensation Programs cover an injured employee’s medical expenses, rehabilitation costs and lost wages and it protects your business from injury-related lawsuits.

Tips for Finding the Right Program

  • Know your state’s regulations. Workers’ compensation laws are the jurisdiction of the state. Therefore, individual states vary. Ensure that your program meets your state’s regulations.
  • The number of employees you have on your payroll can affect your plan. Some states require coverage if a business employs a certain number of individuals. This varies by state. Most states require coverage once even one employee is on the payroll.
  • Your business’s industry is an important factor when looking at Workers Compensation Programs. Insurance rates vary depending on your business type and classification. Many trade associations offer reduced coverage rates through sponsored insurance programs.

Navigating the complexities of workers’ compensation insurance can be intimidating. Consider hiring a broker to help you navigate and find the right program for you and your business.