Worker's Compensation Insurance
For most business with any amount of employees, worker’s compensation insurance is not only a good idea, but a requirement. Worker’s comp insurance can help protect your business from unforeseen expenses due to work-related injuries and illnesses. Different states have different statutes and requirements so it is important that every business look at their unique worker’s compensation needs individually. Our insurance experts at 360 insurance are trained and able to help you make the best decision for your business in the following states: Nevada, Arizona, Utah, Colorado, California (dba: “360 Insurance Solutions, LLC.”), Ohio, Oregon, Texas, Florida, Idaho, Michigan, Montana and Oklahoma.
What is Worker’s Compensation Insurance?
Worker’s compensation coverage is insurance that pays for medical care and physical rehabilitation of employees injured while at work. Worker’s Compensation insurance also helps replace lost wages while the employee is unable to work. In most cases, Workers Comp insurance can protect an employer from being sued by an injured employee. Coverages can vary based on your type of business and number of employees. Our team of insurance professionals are ready and able to customize a plan to fit the exact needs of your business.
Who needs Worker’s Compensation Insurance?
In most states, businesses with one or more employees are required too carry worker’s compensation insurance. In most cases, and ‘employee’ is anyone that is hired by the employer or through a contracted hire or apprenticeship. There are different factors that may effect coverage for different types of businesses such as sole proprietorships, partnerships, contractors, and members of an LLC. In many states, there are penalties and fines for businesses that don’t maintain worker’s comp insurance coverage. If you are not sure about the requirements for your business, an experienced 360 Insurance agent can help you understand all of the worker’s compensation requirements for your specific state.
What Can Worker’s Compensation Insurance Cover?
The coverage on a worker’s compensation policy can vary based on the needs of the company, but most policies cover:
Medical Expenses
Worker’s comp insurance provides coverage that helps pay for medical expenses due to a work-related injury or illness. This can help cover things like necessary surgeries, emergency room visits, prescriptions and more.
Lost Wages
If a worker is unable to continue working due to a work-related injury, worker’s comp insurance can help replace part of the employee’s lost wages giving the employee time to recover from the injury or illness.
Ongoing Care
If a work-related injury is severe enough to require ongoing care, worker’s compensation insurance can help cover things like physical therapy to help reduce the cost of ongoing care.
How to Select the Best Worker’s Compensation Coverage for you Business?
While there is a lot of information to be found on the internet regarding worker’s comp insurance, every business is unique and should be reviewed individually to determine the absolute best coverage for worker’s compensation. The team at 360 Insurance are experts in worker’s compensation coverage and are ready to help you make the best decision for you and your company.