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Workers’ compensation insurance, commonly known as workers’ comp, is insurance that covers medical expenses and a portion of lost wages for employees who become injured or ill on the job. Coverage also includes employee rehabilitation and death benefits.
Each state has its own unique set of workers’ compensation laws that employers must follow. These regulations help ensure that employers provide coverage for the cost of work-related injuries or occupational diseases, regardless of employee negligence.
An employee can only receive benefits if their injury or illness relates to their job duties or employment. Workers’ comp insurance could cover injuries caused by lifting heavy equipment, slipping on a wet or oily surface, or sustaining injury due to fires or explosions.
If an employee isn’t acting within the scope of their employment and becomes injured, such as playing football with friends on a day off, workers’ compensation insurance won’t cover them.
Workers’ compensation insurance is required by law in almost every state. Some worker exemptions exist, so you’ll want to check with your state to find out if coverage is mandatory for your business.
Choosing to forgo workers’ comp coverage puts your business at high financial risk. Not only can you face a lawsuit for workplace injuries, but you’ll likely be fined for breaking the law.
Keep in mind, workers’ comp insurance protects not only your employees but also your small business. For example, if your insurance is compliant with state law, an employee who receives benefits can’t sue you for their injuries or lost wages.
They can, however, sue you for things that aren’t covered under the workers’ comp portion of your policy. Employer’s liability insurance is also included in your policy to pay for court costs and legal fees if you’re involved in such a lawsuit.
In 2022, the national median cost of workers’ compensation insurance through Progressive was $70 per month. The average monthly price was $117.
A lower median cost suggests that outliers made the average premium appear higher than what most policyholders spent. Your rate will depend on specific qualities of your business, including your state, payroll and claims history.
The best way to discover which factors influence your workers' comp cost is to get a workers' compensation insurance quote.
We’ve partnered with select insurers who offer workers’ comp insurance in the following states:
If you need coverage in Ohio, North Dakota, Washington or Wyoming, you'll need to contact your state to secure insurance. These states only allow businesses to get workers' compensation insurance through them.
Workers’ compensation won’t cover injuries that occur outside of work, intentionally, and while commuting to and from work. Coverage also won’t include incidents related to intoxication or substance abuse.
It depends on your business location. For example, certain types of employees, such as seasonal workers, may not be covered by workers’ compensation in some states.
Contact us at 1-888-806-9598 for answers to state-specific questions about your coverage. You can also browse by state for basic information.
Possibly. Workers’ compensation may pay short- or long-term benefits if a work-related injury disables an employee. However, this payment is subject to the policy contract.
Not usually. While workers’ compensation laws vary by state, most don’t require sole proprietors to carry it. However, sole proprietors might benefit from having this coverage to protect against work-related injuries.
Yes. Workers’ compensation can provide coverage for people who are self-employed. While it may not be required by law, many business owners opt to purchase workers’ compensation to cover medical bills and lost wages if an injury occurs.
Depending on the state, contractors and volunteers can be entitled to workers’ compensation benefits if they’re injured or become ill on the job.
Our in-house agency can help answer state-specific workers’ compensation questions. Give us a call at 1-888-806-9598.
Your workers’ compensation cost depends on a variety of factors, including your profession, payroll, claims history, number of employees, and location. Each state has its own set of workers’ compensation laws that can influence your rate. Browse by state to learn more.
