Workers' Compensation Insurance

Workers’ compensation insurance, “workers’ comp” for short, is designed to help pay for the costs of an employee or contractor injury on the job.

What employer doesn’t want to protect themselves agains that? 

Workers’ comp can help with the cost of medical bills, ongoing care, rehabilitation, and — in some cases — even lost wages. In the unfortunate case of an employee fatality, workers’ compensation insurance can help cover the costs of a funeral and compensation for the worker’s family.

If you end up facing an injury-related lawsuit, workers’ compensation coverage still might be able to help you. In certain situations, it can pay for legal expenses from an injury-related lawsuit filed by an employee.

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Do I Really Need Workers’ Compensation Insurance?

In many states, businesses with employees are required to carry workers’ compensation insurance. Specific rules and regulation vary from state to state. But almost every state has some form of workers’ comp law on the books.

Even in situations where it is not legally required, Tomins typically advises our clients to seriously look into coverage. Considering OSHA estimates that employers nationwide pay nearly $1 million a week, on average, in direct workers’ compensation liabilities, the cost of workers’ comp insurance pales in comparison to the protection it can provide.

As if protecting your bottom line weren’t enough reason to consider this coverage, businesses that fail to comply with workers’ compensation requirements for their area or region can be subject to fines, penalties, and jail time, in addition to the damages sought by an injured employee.

As a general rule of thumb, you should seriously consider carrying workers’ comp insurance if your business:

  • Has employees
  • Is planning to hire employees
  • Hires subcontractors to help with jobs

If you’re still unclear on whether workers’ compensation insurance makes sense for your business, Tomins is here to help. Our team of business insurance experts is standing by to answer your questions.

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How Does Workers’ Compensation Coverage Work?

Workers’ compensation insurance is designed to help protect an employer against many of the financial risks associated with having employees on site. At the end of the day, the most expensive liability involved with employing other people is almost always the cost of a lawsuit.

Workers’ comp coverage helps with the expenses of making things right in the unfortunate case that something goes wrong. From medical expenses to wage reimbursement, this coverage is intended to make sure an injured employee is taken care of, in the interest of avoiding a costly lawsuit.

If you’re a believer in Murphy’s law, you know it’s only a matter of time before your business falls victim to a workplace injury. Get your free online workers’ comp insurance quote here today.

What Injuries Won’t Workers’ Compensation Insurance Cover?

For the most part, workers’ comp will help protect you from an accident in which your business operation was at fault. However, if an employee injury is caused by negligence on behalf of an employee, workers’ comp is unlikely to cover it.

Some examples of injuries that would not be covered include injuries sustained: 

  • From horseplay or other actions that violate company policy
  • From a fight in which the injured party was the aggressor
  • By a “true” 1099 independent contractor
  • Under the influence of drugs or alcohol
  • Outside of the workplace or job site
  • After an employee has been terminated
  • From an intentionally self-inflicted action

It’s important to note that this list is far from exhaustive, and, on the other hand, in certain cases one of the scenarios mentioned above could, in fact, be covered. With that in mind, the best way to make sure you fully understand the workers’ compensation protections available to your business is with the help of an expert.

That’s why Tomins has a team of seasoned business insurance experts ready to answer your questions.

What Other Related Coverages Do I Need?

When you’re deciding on a workers’ compensation insurance provider, it’s important to make sure you have the option to add Employer’s Liability Insurance coverage to your policy.

This coverage is designed to help cover the costs of a lawsuit stemming from a workplace injury and is a critical part of ensuring that your business is protected.

Even in the face of a covered workers’ comp claim, there is still a chance of getting sued for negligence. Also, if an employee sustains an injury that isn’t covered by your state-mandated workers’ comp coverage, that coverage gap could end up leading to a lawsuit as well.

Our team of business insurance pros is here to help take the guesswork out of getting coverage for your business. The last thing you need is one more thing keeping you up at night.

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What Does Workers’ Compensation Insurance Cost?

Unlike some other types of insurance, the cost of workers’ compensation coverage is not shared with employees. As the employer, you are responsible for the full cost of workers’ compensation insurance.

But considering the catastrophic impact an uncovered workplace injury could have on your business, the cost of carrying workers comp coverage is well worth the benefits it provides.

Much like the other coverages Tomins offers, the cost of workers’ compensation insurance depends on the specifics of your particular business. We understand that every business has different needs and faces different risks. We custom-tailor our coverages to your unique situation to make sure you’re getting the protection you need at a price that makes sense.

You deserve an insurance partner that works as hard as you do. Get your free workers’ compensation insurance quote here today.

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What Do I Need to Get Workers’ Compensation Insurance?

At Tomins, we are in the business of making workers’ compensation insurance easy. Start your free, personalized insurance quote now at our online quote page. To make sure we can provide the most accurate and competitive quote possible, it helps to make sure you have the following information available when you apply:

  • Business address and tax ID 
  • Income for your most recently completed fiscal year 
  • Number of employees you currently employ
  • Information about other insurance you currently hold
  • Volume, nature, and storage method tenant of client data  
  • Proof of professional licensing and other relevant certifications or permits  
  • History of past claims (at least three years) 

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