Workers' Comp for your Small Business
Workers' Compensations insurance is a mandatory type of insurance carried by many businesses. By getting a workers' comp quote from Trailhead Insurance Services, you can better protect your business from medical costs and a portion of lost wages for an employee who becomes injured or ill on the job.
Does your business need workers' compensation insurance?
In short, it comes down to which state you are located. In most states, workers' comp is required by law. These laws are designed to ensure payment from employers for some part of the cost of occupational injuries and sometimes diseases obtained by the employee during the course of their work.
By carrying workers' compensation insurance, the business is usually protected from being sued by employees for workplace situations that cause an injury or illness.
Understanding Worker's Comp
Workers' comp insurance normally covers injuries or illnesses when they occur in the line of duty while on the time clock. Some of the injuries that may be covered when they happen in the line of work are slipping on a wet surface, cutting themselves on a sharp knife, or lifting heavy equipment.
Many workers' comp insurance companies do not provide coverage for injuries or illnesses that happen outside of the workplace or outside of the scope of employment.
The Cost of Workers' Comp
The price of workers' comp varies from business to business. Some of the key pieces in pricing workers' comp are:
- The type of work performed by the employee i.e. clerical work is typically less expensive than welding
- The total payroll for each employee doing a specific job.
- The location of the business
- The prior losses or claims your business may have had in the past few years
- The business structure i.e. sole proprietorship, corporation, LLC, partnership, etc.
Getting a Workers' Comp Quote
We understand it may be confusing. That's why we are here to help. Contact us today so we can put you on the right path for a competitive price and excellent customer service.