![\"workers](\"https:\/\/media.smallbiztrends.com\/2022\/05\/workers-compensation-insurance-for-small-business.png\")
<\/p>\n<\/p>\n
The benefits of workers\u2019 compensation insurance<\/a> far outweigh its cost.\u00a0Do you need workers\u2019 compensation insurance? The answer may be more complex than you realize.<\/p>\n For instance, do you need to provide coverage for remote workers? Are workers\u2019 comp benefits necessary for part-time employees? What about subcontractors working on your behalf?<\/p>\n Small business owners know how to prevent injuries at work. Still, accidents happen. And that makes workers\u2019 compensation insurance one of the most important types of business insurance<\/a>.<\/p>\n Also known as workman\u2019s comp, workers\u2019 compensation insurance is coverage for employees if they are injured or become ill at work. In the majority of states, small businesses are required to have it if they have employees.<\/p>\n Let\u2019s say you\u2019re a small business owner from Texas. Workers\u2019 comp insurance isn\u2019t required there. In Arkansas, if you have fewer than 3 employees, you don\u2019t need it. In Alabama, it\u2019s required if you have 5 or more employees.<\/p>\n No matter what your state requirements are, you should take out workers\u2019 compensation insurance to protect your business:<\/p>\n As a small business owner with remote workers, you need to take steps to make sure their work environment is safe. Increasingly, an insurance company may require you to make a physical inspection of the remote employee workplace before providing workers\u2019 compensation coverage.<\/p>\n The most common workers\u2019 compensation claims reported by remote workers are slips, trips, and falls. They also report ergonomic injuries due to the poor designs of workstations.<\/p>\n As the manager or boss, you should take steps to be sure the workplace of the remote worker is safe and ergonomically correct. Although they are working remotely, you are required to carry workers\u2019 compensation insurance for them.<\/p>\n Why do you need a worker\u2019s compensation policy? In most states, workers\u2019 compensation laws require that you provide it as business insurance.<\/p>\n Here\u2019s what the workers\u2019 compensation system covers:<\/p>\n An insurance company helps cover medical expenses associated with workplace injuries. The workers\u2019 comp benefit helps cover medical bills and expenses related to employee injuries or workplace accidents. Coverage will include medical care, physical therapy, and ongoing support.<\/p>\n Workers\u2019 comp coverage will provide the injured party with lost wages, similar to long-term disability benefits.<\/p>\n Read More: how much does business insurance cost<\/a><\/p>\n If an employee passes away as a result of a work-related injury, accident, or illness, the workers compensation insurance for small business policy will provide death benefits.<\/p>\n Injuries and Illness to Part-time Employees and Subcontractors<\/strong><\/p>\n Check with your insurance company to see if you can purchase coverage and add part-timers and independent contractors to your workers\u2019 comp policy. It adds a level of financial protection to your business in the event a worker becomes ill or injured on the job while at your job site.<\/p>\n Commercial general liability insurance, general liability, professional liability insurance, a business owner\u2019s policy and property insurance cover your business and its products or services.<\/p>\n What does worker\u2019s compensation cover? Workers\u2019 compensation coverage is for employees while they\u2019re working. At other times, they\u2019re covered by health insurance.<\/p>\n Unique events can happen in the workplace \u2013 and away from the workplace. Some things just aren\u2019t included under workers\u2019 compensation coverage.<\/p>\n You may be able to \u201cumbrella\u201d workers\u2019 compensation insurance under your business owner\u2019s policy.\u00a0There are several factors that alter the workers\u2019 compensation insurance cost \u2013 payroll, type of work performed, and claims history.<\/p>\n For instance, the typical cost ranges from $1 to $1.56 for every $100 of gross income. This cost can vary by state and may change each year. The type of work is also considered in the calculation, utilizing 700 class codes for different job types. These two factors are assessed together. The total amount is then multiplied by 1 to determine the worker\u2019s compensation insurance for small business costs, assuming there have been no claims. The multiplication factor will adjust according to the number of claims you have made.<\/p>\n Laws vary but in general, you\u2019re required to get workers\u2019 comp insurance if you have employees.\u00a0There are some exceptions, as previously noted.\u00a0If you\u2019re required to obtain workers comp and you don\u2019t, you could face felony criminal charges.<\/p>\n You can set up and purchase workers comp insurance online, with just a few clicks.<\/p>\n Read More: best small business insurance companies<\/a><\/p>\n Image: Depositphotos<\/small><\/em><\/p>\n This article, “Do You Need Workers Compensation Insurance for Small Business?<\/a>” was first published on Small Business Trends<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" The benefits of workers\u2019 compensation insurance far outweigh its cost.\u00a0Do you need workers\u2019 compensation insurance?…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-345","post","type-post","status-publish","format-standard","hentry","category-business-ideas"],"_links":{"self":[{"href":"http:\/\/www.hudsonpcrepair.com\/index.php\/wp-json\/wp\/v2\/posts\/345","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.hudsonpcrepair.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.hudsonpcrepair.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.hudsonpcrepair.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.hudsonpcrepair.com\/index.php\/wp-json\/wp\/v2\/comments?post=345"}],"version-history":[{"count":1,"href":"http:\/\/www.hudsonpcrepair.com\/index.php\/wp-json\/wp\/v2\/posts\/345\/revisions"}],"predecessor-version":[{"id":346,"href":"http:\/\/www.hudsonpcrepair.com\/index.php\/wp-json\/wp\/v2\/posts\/345\/revisions\/346"}],"wp:attachment":[{"href":"http:\/\/www.hudsonpcrepair.com\/index.php\/wp-json\/wp\/v2\/media?parent=345"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.hudsonpcrepair.com\/index.php\/wp-json\/wp\/v2\/categories?post=345"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.hudsonpcrepair.com\/index.php\/wp-json\/wp\/v2\/tags?post=345"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}What Is Workers\u2019 Compensation Insurance?<\/h3>\n
Why You Should Take Out Workers\u2019 Comp Insurance<\/h3>\n
\n
What You Need to Know about Workers Compensation and Remote Workers<\/h2>\n
What Does Workers Compensation Insurance Cover?<\/h2>\n
Medical Expenses<\/h3>\n
Lost Wages<\/h3>\n
Death Benefits<\/h3>\n
Injuries and Illness to Employees While at Work<\/h3>\n
What is Not Covered by Workers Compensation Insurance?<\/h2>\n
\n
How Much is Small Business Workers Comp Insurance?<\/h2>\n
Workers Compensation Insurance Requirements in the U.S.<\/h2>\n
How to Get Small Business Workers Compensation Insurance<\/h2>\n
\n