From heavy lifting to bunched-up rugs, there are a lot of ways your employees can end up injured at work. In fact, workplace injuries are so common that an employee is injured on the job every 7 seconds in the United States. And when a workplace injury happens to one of your employees, you could be held liable for their medical bills, lost wages, and more.
Luckily, you can take out a workers’ compensation policy, covering lost wages for the employee, medical expenses related to any injury incurred at work, and legal protection for you as the employer. While it has its limits, it’s sufficient protection for you and your company in the majority of situations.
Make sure you know when you’re required to carry—and don’t make rock climbing your next team-building exercise.
Who is Required to Carry Workers' Compensation Insurance
If you operate a business in the Lone Star State, keep in mind that this doesn’t mean you won’t be held liable if an employee is injured at your place of business; it only means that the state won’t penalize you for not having coverage. It’s still recommended that employers have coverage in place for their own protection.
Where to Get Workers' Compensation Insurance
For workers’ compensation insurance, there are both private and public options. Private companies can be local or national, while public options are state-run programs. In some states, employers are required to use the state-funded programs. These states are:
In all other states, including California, business owners get to decide what coverage provider is best for them.
If you choose a private insurance provider, you need to do your due diligence. Whether you opt for a large, national insurance company or one that’s small and located near you, make certain the provider you choose understands the laws in your state and drafts a policy that gives you, at a minimum, the coverage you’re legally mandated to carry. Good agents will also go the extra step and offer comprehensive workplace safety and risk management programs.
You can purchase these policies directly through the provider or with a broker or independent agent. In states where employers have the freedom to choose from a variety of insurers, opting for a broker can make it easier to wade through the options and select the one that offers precisely the coverage you need at a price that works for you.
In California, Leap | Carpenter | Kemps Insurance Agency has been providing businesses with Workers’ Compensation Insurance for decades. We understand the nuances behind California law on Workers’ Compensation Insurance and can make sure you get the coverage that’s right for your business.
To make this more concrete, let’s say you have one employee and you pay them $40,000 per year. At the $.75 rate, the workers’ compensation premium for them would be $300 annually. At $2.74, it would be $1,096 each year.
If you own a business, it’s more likely than not that you’re legally required to carry a workers’ compensation policy. While this is an additional expense, it’s one that can save you money in the long run.
Don’t be afraid to shop around for the coverage that fits both your needs and your budget, but make certain you don’t skip out on workers’ compensation insurance altogether.
Leap | Carpenter | Kemps Insurance Agency Can Get You the Workers' Compensation Coverage You Need
At Leap | Carpenter | Kemps Insurance Agency, we have decades of experience helping employers navigate the Workers’ Compensation Insurance maze. We can help you understand the coverage requirements and help you get the coverage that’s right for you and your employees. Contact us today.
Shawn Dwyer specializes and has a deep understanding of captive insurance, workers' compensation insurance, general business insurance, and safety and risk management.
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Leap | Carpenter | Kemps Insurance Agency provides Commercial Business Insurance, Employee Benefits, Life and Health Insurance, and Personal Insurance to all of California, including Merced, Atwater, Los Banos, Mariposa, Madera, Fresno, Modesto, Turlock, and Stockton.
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