Workers' Comp for Retailers

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Why do retail employees need workers' comp insurance?

Retail professionals may be easily injured in their workplaces and should carry appropriate insurance coverage in case of accidents. Workers’ compensation, sometimes called workers’ comp or workman’s comp, can help cover medical fees and lost wages for retail-work-related injuries.

 

Not only is workers’ comp coverage legally required for almost all retail businesses with employees‚ but it also helps provide protection for the business by reducing its financial risk. For every dollar spent on a workers’ comp claim, $5 are spent in indirect costs—such as lost productivity, hiring and retraining retail staff, and replacing or repairing damaged equipment.

 

The most common injuries experienced by retail company employees are:

 

– Muscle strains and sprains

– Cuts, punctures, and scrapes

– Fall or slip

– Overexertion

 

Learn more about how workers’ compensation insurance can help protect retail small businesses.

What do small business owners say about Pie?

Over 80% of small businesses overpay for workers' comp coverage.

What does workers' compensation insurance cover?

Workers’ compensation insurance helps provide medical, rehabilitation, and disability benefits for retail employees who become injured as a direct result of their job. Workers’ comp may also pay death benefits to an employee’s dependents if the retail worker is killed in a work-related incident.

 

In addition to helping retail staff employees and their families, workers’ compensation insurance can also help protect retail business owners. Workers’ compensation helps protect retailers from liability for employees’ workplace injuries, and it helps keep employers from having to pay directly out of pocket for those injuries. This coverage may reduce the risk of a significant financial loss if a retail employee is harmed while performing work duties.

 

Depending on the laws in your state, to be considered compensable and therefore eligible for workers’ compensation, retail injuries must:

 

  • have happened to a retail staff employee (not a vendor or independent contractor),

  • be the result of a retail workplace injury or illness during employment, and

  • cause impairment and/or lost wages.

What are relevant types of class codes?

When you’re ready to start your 3-minute quote, you’ll need to know your retail business’s class code.

 

A class code is assigned by the National Council of Compensation Insurance (NCCI) or by state agencies—and is created based on the activities and risk level the work requires.

 

There are many different workers’ comp class codes within the retail industry. Below are a few of the most common class codes in the industry.

452210 – Department stores

452319 – All other general merchandise stores

452311 – Warehouse clubs and supercenters

45331 – Used merchandise

45399 – All other miscellaneous store retailers