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Small Business workers' comp
Workers' compensation insurance, or workers' comp as it is more commonly known, is insurance that pays for medical costs and a portion of lost wages for employees who are hurt or ill while working. Employee rehabilitation and death benefits are also covered.
Who needs workers' compensation insurance?
In almost all states, having workers' compensation insurance is required by law. There are some worker exemptions, so you should check with your state to see if insurance is required for your company.
Your company faces significant financial risk if you decide not to have workers' compensation insurance.
A single accident could result in a lawsuit that you might not be able to handle. A great way to protect against this is to make sure you have liability coverage that matches your level of exposure.
Some employers or clients might also require you to carry a certain amount of general liability before you can work for them.
Keep in mind that workers' compensation insurance safeguards not only your staff but also your small business. An employee who receives benefits, for instance, is not permitted to sue you for their injuries or lost wages if your insurance complies with state law.
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