Regardless of the type of business that you own, you should have a workers’ compensation insurance policy if you have any number of employees. In most cases this state law. When you begin shopping around for insurance, you can rely on Salt Lake Business Insurance to provide you with your worker’s compensation insurance. This type of insurance covers medical expenses or some portion of it, due to lost wages from injury or illness caused on the job. The coverage also covers rehabilitation and death benefits. If you don’t already have worker’s compensation insurance, give us a call today.
Understanding Workers’ Comp
You may not know it but each state has its own workers’ compensation laws and employers are expected to abide by them. The regulations that exist in this type of policy offer the assurance that the employers will provide employees with the necessary amount of coverage, as it relates to a work-related injury, regardless of how the employee may have caused the incident. However, a benefit will only pay out if the illness or injury was related to their job. The injuries that a workers' comp policy would cover include things such as slips and falls, lifting of heavy items, or injuries due to a fire.
Should You Have Worker’s Comp Insurance
The fit thing that we would tell anyone is to find out if his or her state makes it mandatory to have this type of insurance. Even though most states do, there are some exemptions. Salt Lake City, Utah employers are required by law to maintain a workers’ compensation policy. If you choose not to obtain it or maintain it then you could be putting your business at risk. You could face serious hardship that might cause you to close your business. Don’t take such unnecessary chances when you don’t have to.
The Cost of Worker’s Compensation Insurance
On average, the cost of workers’ compensation insurance was less than $100 in 2019. Keep in mind that this is an average, the cost will depend on other factors, such as the state it is issued in, your company’s claim history, and payroll. Our broker will explain the expenses that you are being charged for once you meet with them to discuss your worker’s compensation insurance. We want you to be covered because we have your best interest at heart. This is why we will offer you the best and most affordable policy.
1. Are contractors covered for coverage under our workers’ comp insurance?
Yes, in some instances, your company's workers' compensation insurance may cover contractors hurt on the job. However, this wouldn't apply to volunteers.
2. Is every type of injury covered by workers' compensation insurance?
If an injury occurs while commuting to or from work or because of being intoxicated while on the job, the employee wouldn’t be covered.
3. As a sole proprietor, do I need workers' compensation?
Most states do not require a sole proprietor to carry workers' compensation insurance, such as the state of Nevada.