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 forgo workers’ comp policy puts your company at Not only can you face a lawsuit for workplace injuries,
but you’ll likely be fined for breaking the law.
Remember, workers’ comp insurance protects not only your employees,
They can, however, sue you for things that aren’t covered under
The workers’ comp portion of your policy. Employer’s liability insurance is
also included in your coverage to cover court costs and legal fees in case you are involved in this type of lawsuit.
How much can Arizona workers compensation insurance cost?
In 2017, the national average monthly cost for workers’
Compensation insurance through the Progressive Advantage® Business Program was
- Bear in mind, this is simply an average. Your rate will depend on specific
facets of your business including your state, payroll and maintains history.
What is Workers
Insurance protects your workers and your company from work-related
injuries, diseases, and even death. Nearly every state requires that
employers have insurance to pay for medical costs and lost wages for employees who
are hurt or become ill at work. If you do not carry workers settlement insurance, you could be responsible for those costs, and also be subject to fines or
penalties from the state.
Happen in the most secure of workspaces. Even if your employee has health
insurance, you’re responsible for their medical costs should they suffer a
job-related harm or illness. In addition, the worker is eligible for a
proportion of the regular salary during the time that they are unable to work
due to their injury or illness. If you do not have insurance, you will have to pay these costs out of
How Much is Workman’s
In most states, the
Cost of Workman’s Comp insurance may vary between insurance companies as they
compete for clients. Regardless of the variability, all insurance companies base
Workers’ Compensation premiums on the amount of payroll an employer has as well
as how dangerous the work is. Some larger employers will be impacted by their
past claims experience with premium credits for low claim experience and
increased premiums for those with more historical claims.
How to Get
Workers’ Compensation Insurance
The cost of Workman’s
Comp insurance is calculated based on a rate billed per $100 of payroll. Rates
Vary by state as well as based on the kind of work employees are engaged in and
The businesses claims history. Though many business-specific components are
Factored into an actual premium calculation, this simple formulation is the foundation
for determining the cost workers’ compensation premiums.