Workers compensation is an important coverage that nearly any business with employees should carry. When employing workers, it’s the businessowner’s responsibility to make and maintain a safe work environment. Still, accidents happen—which is where workers compensation comes in.
If you offer workers compensation to clients, make sure clients know exactly why they need it and what it covers. Workers compensation won’t cover everything, after all. Quantum Alliance can help you organize your agency and train agents to sell quality workers compensation policies.
Common Workers Compensation Insurance Questions
How Much Does It Cost to Get Workers Compensation Insurance?
The price of workers compensation insurance depends on the business’ payroll and location. For example, Texas businesses will pay about $0.57 for every $100 of payroll.
How Does Workers Compensation Insurance Work?
Workers compensation should be purchased by an employer and provided to all qualifying employees. This insurance helps with medical bills and possible legal fees if an employee is injured on the job.
Do Your Clients Need to Get Workers Compensation Insurance?
Depending on your client’s location, workers compensation insurance may be mandatory. Certain states have varying requirements for workers compensation depending on how many people a business employs. Even if workers compensation isn’t required, it’s crucial to have for any business with employees. Injuries can be dangerous and expensive. Injured employees not covered under workers compensation insurance could file a lawsuit against the company.
What are the Three Primary Types of Workers Compensation Insurance?
There are three types of workers compensation benefits:
Medical: Medical coverage for workers compensation assists with basic medical costs related to the injury.
Disability: Disability coverage includes temporary and permanent disability. This insurance provides compensation for income lost while the employee is unable to work due to the injury.
Death: In the unfortunate event that an employee dies due to a work-related accident, workers compensation can offer benefits to the worker’s surviving family.
Which are the Main Workers Compensation Insurance Options You Should Provide Your Clients?
It’s crucial that your clients have enough workers compensation to cover necessary medical assistance, wage replacement benefits and death benefits. These policies can also help with rehabilitation services.