What is workers' compensation?
Workers' compensation insurance, also known as workman's compensation, is a state-mandated insurance program that provides medical, disability, survivor, burial, and rehabilitation benefits to employees who are injured or killed due to a work-related injury or illness.
In nearly all states, and with few exceptions, businesses are required by law to carry workers’ compensation insurance.
The problem with workers’ compensation today.
Approximately 80% of small businesses are overcharged for workers’ compensation insurance by up to 30%.
Buying workers’ compensation online is virtually impossible. Getting quotes usually involves paperwork and delays.
Insurance speak is no one’s friend—and you’re often left to navigate complex policies and procedures all on your own.
Workers’ comp protects small businesses.
With workers’ comp insurance, your team members give up the right to sue you for on-the-job negligence. In return, workers’ comp insurance covers medical care and rehabilitation costs if any of your team members are hurt at the workplace, as well as lost wages and death benefits caused by accidents at work.
Cares for your team members when they’re in need of medical assistance
Relieves the stress of medical bills when your team members are recovering
Helps their families by covering lost wages
Reduces the risk of a financial loss from accidents that could bankrupt your business
Protects your business from being sued by your team members
Limits disruptions as your team members have the financial support to recover faster
Workers’ comp is required for almost every business
Penalties can be severe for non-compliance
For instance, in Illinois, penalties include up to 3 years in prison and a fine of up to $500 per day*
What’s covered by workers’ compensation insurance?
Illness or Injury
In case one of your team members becomes ill or is injured due to their work, workers’ compensation covers them for related medical care and economic losses.
Your team members are also covered for wage replacement associated with time off due to disabilities. The common level of wage replacement is 2/3 of your team member’s wages.
If someone dies in a work-related incident, death benefits can be paid to their family. These benefits offer financial support when your employees’ families need it the most.
Some illnesses and injuries are covered.
Others are not.
Physical injuries such as exposure to toxins, hearing loss, and carpal tunnel syndrome
Preexisting conditions aggravated by the work environment, such as back pain
Injuries caused by a trip, slip, fall, or by lifting a heavy object
Injuries caused by work facilities, like a falling ceiling tile
Injuries sustained while committing a serious crime
Injuries sustained when not on the job
Injuries sustained while violating company policies
How Much Does Workers' Comp Cost?
Pricing can vary wildly between businesses, so try our easy online process to get a workers comp quote specific to your needs.