Apartment associations, restaurants, and other small businesses choose Employers for their small business workerโs compensation insurance. Employers offers a long list of resources and services to their customers in addition to just workerโs compensation insurance including claims management, loss control, fraud prevention, and managed care services. Many small businesses choose Employers for their workerโs compensation insurance needs but need to look elsewhere for other types of insurance.
That's a Workers Compensation Policy
A small business workerโs compensation policy protects you from costs associated with employee injury. The policy pays medical expenses and loss of wages for employees injured while working for your business. In addition to physical injury, workerโs compensation covers work-related sickness. When an injured employee accepts workerโs compensation benefits, they give up the right to file a lawsuit against your business.
Workerโs compensation is a recommended insurance policy for nearly every small business, and it is a mandatory policy in most states. Small businesses should consider a workerโs compensation policy as soon as you hire your first employee even if it is not required by law. In some cases, that is when you launch, and in other cases, it can be months or years later.
The cost of a workerโs compensation insurance policy varies depending on the type of industry and the amount of risk employees face each day. In most cases, average premiums range from $500 - $7,000.
Check out other carriers
Depending on your industry and size of business, youโll need different insurance coverages and will be evaluated differently by carriers. Check out the insurers below to learn about their offerings and how they may be applicable to your business:
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