Workers Compensation
What is Workers’ Compensation insurance?
Workers’ compensation can help cover expenses for medical care, lost wages and other costs after a workplace injury. It’s also referred to as workman’s compensation insurance or workman’s comp. It can help injured workers if they are hurt on the job and it can protect business owners from significant financial losses after an accident. For example, workers’ comp can help cover medical treatment and lost wages if a heavy beam lands on a construction worker’s foot and causes a compound fracture. Without insurance, the employer could be responsible for all related costs, which could add up to tens of thousands of dollars. But workers’ comp is not just for high-risk jobs. Repetitive-motion injuries (i.e., carpal tunnel), slip-and-fall accidents and strains can happen at relatively safe businesses. Many small business owners also buy workers’ comp because it’s required in most states as soon as you hire your first employee.
Years Experience
Is Workers’ Comp insurance required by law?
Business owners in most states are legally required to have workers’ compensation coverage if they have employees. However, the laws are different in each state. Colorado law requires coverage as soon as you hire an employee. Tennessee business owners are not required to have coverage until they have five or more employees.
Check out the section lower on this page for more details on the workers’ comp rules in your state. Even when it’s not required by law, many business owners buy coverage so they have financial protection if an employee experiences a work-related injury or illness.
You might be required to have coverage to get a license or permit
Workers’ comp may also be required to get a license for some professions. For example, many states ask for proof of workers’ comp insurance with their general contractor license requirements. If you need to obtain coverage to satisfy a license or bid requirement quickly, you can get covered within minutes with Cali-Fast Insurance Services and instantly access your certificate of insurance.
What does Workers’ Comp cover?
Workers’ comp can help cover employee medical bills and other related expenses after work-related injuries. Workers’ compensation claims can help pay for:
Medical expenses
Includes examinations, treatments and rehabilitation.
Lost wages
Gives employees time to recover from an injury before returning to work.
Survivor benefits
Supports families by helping to cover funeral costs and income replacement.
Retraining
Helps employees who need to learn skills and enter a new field.
Permanent injury
Provides benefits for employees who can no longer work due to injury.
Employers liability
Protects your business from financial losses if an employee files a lawsuit against you.
Benefits of Workers’ Compensation insurance?
Many of the benefits listed above are also available for business owners if they purchase optional business owner’s coverage with their policy.
The employer liability coverage offered with workmen compensation insurance can help protect your business from financial losses if an employee sues you for causing a workplace injury or illness.
It can include coverage for several different types of lawsuits, including negligence.
Learn more about what workers’ compensation insurance covers.
Workers’ compensation benefits provide many important financial protections, but oftentimes it’s not the only type of insurance business owners buy.
Here are some other types of business insurance that might be helpful for your business:
- General liability can provide coverage for injuries to people who are not employees and damage to property that doesn’t belong to you.
- Commercial property insurance can help protect the things you need to do business, including inventory, equipment and structures.
- Professional liability insurance can provide financial protection if you are accused of making a professional mistake.
- Commercial auto insurance can provide protection if you or your employees drive for work.
Does Workers’ Comp cover COVID?
In many cases, a workers’ comp policy will not provide coverage if an employee is affected by a COVID-19 infection.
However, those who can confirm they were infected at their workplace, might be eligible for coverage depending on the state where they work and the industry.
Each state has unique workers’ compensation laws. It’s important to review your specific policy and how it applies to where you and your employees work.
We review workers’ comp claims on a case-by-case basis.
Who needs Workers’ Compensation insurance?
Most businesses with employees need workers’ compensation. It’s required by law in most states, or business owners buy it to avoid potentially large financial losses. Learn more about the specific workers’ comp needs for different types of businesses:
Construction
Contractors
Retail
Cleaning
Who needs Workers’ Compensation insurance?
Several factors are used to determine the cost of workers’ compensation insurance, including:
- The number of employees at your business
- Your payroll
- Location of your business
- Your business operations
- The job functions of your employess
- Claims history
If you are exposed to more risks, you typically pay more for insurance, regardless if you’re purchasing workers’ comp coverage or another type of business insurance. That’s why there’s a significant difference between insurance costs for construction businesses and accountants.
Who needs Workers’ Compensation insurance?
Workers’ compensation can help protect your employees and your business after a workplace injury or illness.
How to get Workers’ Comp insurance
You can get business insurance and purchase coverage in 10 minutes – 100% online with Cali-Fast Insurance Services. Workers’ compensation is a bit more complicated than other types of business insurance since it is highly regulated by state governments and it requires more information about your business than other policies. We work hard to simplify the process with a painless and seamless online application. The first step to getting the insurance coverage you need is starting an instant quote. We’ll ask you some questions about your business so we can customize a policy to meet your needs.
You should be prepared to share details about:
- The type of work you do
- Where you do business
- The type of business you own and how many years you have been in business
- The number of employees at your business
- Total payroll
- The type of work your employees do
- Your federal employer identification number. You can typically find this on your tax documents, or apply for one online with the IRS.
If you have any questions about the process or your coverage options, our licensed U.S .- based insurance advisors are ready to help. You can also save time and up to 10% by bundling other types of business insurance with your workers’ compensation policy (Note: Coverage and discount eligibility may vary from state to state).
Get A Quote Now
For a Workers’ Comp quote, fill in the quote form information or contact us
Address
17777 Center Court Dr N #600 Cerritos,Ca,90703
Call
(855) 203-2282
service@califastinsurance.com
Working Hours
Mon – Sat 9:00 Am – 8:00 Pm
Address
17777 Center Court Dr N #600 Cerritos,Ca,90703
Call
855 203-2282
service@califastinsurance.com
Working Hours
Mon – Fri 9:00 Am – 8:00 Pm