You may have heard that most U.S. states require employers to have worker’s comp insurance for their employees. Even if you live in a state that does not hold these requirements, getting coverage is in your best interest. After all, you want to stay protected against costly lawsuits in the event of legal retaliation following employee work injuries.
While you likely understand that there are benefits to purchasing coverage for your business, you may not know how to select the right policy plan. Additionally, state laws influence the benefits employees are entitled to receive. Ultimately, you want to choose the best option for your business.
Moreover, you’ll also have to consider what you can afford. To help you weigh your options, we’ve compiled six essential questions employers have about getting workers comp insurance. Use the information below to help you make the best choice, or you can visit https://cerity.com/.
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How Do I Determine If I Need Workers Comp Insurance?
The workers’ comp coverage laws vary across states, but all states except Texas require that employers have workers’ compensation insurance. It is always better to have workers’ comp insurance than not, as it protects your workers and your employees from financial liabilities.
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What Will My Coverage Take Care Of?
When you purchase workers’ comp insurance, you pay to receive the benefits defined by your state. These include medical cost coverages, wage replacements, treatment assistance, and other supports following any at-work injuries or related illness. Coverage for medical care is ongoing through recovery, and individual state guidelines define the requirements for partial wage reimbursements.
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How Do I Choose Who to Purchase My Insurance From?
Choose your provider based on your financial limitations or what you can afford in workers comp insurance coverage. Look at the options available, and choose those with affordable rates and flexible payment options like pay-as-you-go arrangements based on payroll changes.
4. Can My Provider Save Me Money?
If your provider is charging more than you need to be paying for in workers comp insurance, you can look elsewhere and get free quotes from potential alternatives. Small businesses often find that they can save up to 50% more by switching to a more accommodating provider.
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What Kinds of Businesses are Protected with Coverage?
Workers’ comp coverage provides protections for all types of businesses and industries. These protections extend to small businesses, LLCs, and home-based businesses.
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Should I Expect My Provider to Offer Coverage in Every State?
If you’re considering relocating for work or moving your business to another state, it is not guaranteed that your current provider will also provide workers comp insurance there. However, many providers offer coverage in several states. Speak with your provider directly to see which states they cover.
Are You Prepared to Get The Coverage Your Business Deserves?
Selecting the right workers’ comp coverage takes some digging. No matter your provider, any workers comp insurance coverage is better than no coverage at all. Get the protection that you, your business, and your employees deserve.
