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Small Business workers' comp
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.
Who needs workers' compensation insurance?
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 not have 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.
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, workers’ comp insurance protects not only your employees, but your small business too. 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.
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