Workers Compensation Information
Workers’ compensation insurance can provide financial assistance for your employees if they suffer a work-related injury or illness and liability coverage for your business. Additionally, most states have laws that require workers’ compensation insurance, and operations that do not have it may be subject to fines.
The experienced agents at Akin & Associates Insurance Group can help you get the right coverage. Contact us today for more information.
What Does Workers’ Compensation Insurance Cover?
Workers’ compensation insurance, or workers’ comp, may provide assistance to your employees if they suffer a workplace injury or illness. It may provide the following:
- Wage-loss benefits may help replace lost income.
- Disability benefits may help an employee who develops a permanent disability after a work-related accident.
- Vocational rehabilitation benefits may help with training or other services if an employee is unable to return to the work they were previously performing.
- Medical benefits may help cover medical expenses.
- Death/dependent benefits may assist an employee’s spouse or dependents if an employee passes away as a result of a work-related injury or illness.
Other benefits may be available through workers’ compensation insurance for employees. Additionally, it can provide liability coverage for businesses if a lawsuit related to the injury or illness is filed. Contact our agents for additional details on terms, limits and exclusions.
How Are Workers’ Compensation Insurance Premiums Calculated?
Several factors impact how the cost of workers’ compensation is calculated, including the following:
- Company history—Insurance providers consider your organization’s experience modification number, which is determined by analyzing a business’s history of incidents and future risk levels.
- Employees’ duties—The National Council on Compensation Insurance and state officials assign a workers’ compensation class code to all employees based on their duties.
- Total payroll—Generally, the higher your business’s payroll, the more workers’ compensation coverage you will need.
Your business’s location and number of employees may also impact workers’ compensation insurance premiums. Reach out to us today for a quote.
How to Get Workers’ Compensation Insurance
The knowledgeable team at Akin & Associates Insurance Group is ready to help you secure workers’ compensation insurance. Contact us today for details.
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