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Commercial - Workers' Compensation 

What is a Workers' Compensation insurance?

Workers' Compensation (WC) is a type of insurance that provides benefits to employees who become injured or ill as a result of their work. This insurance helps cover medical expenses, rehabilitation, and lost wages, and also offers liability protection for employers in the event of workplace accidents.

 

Workers' Compensation policy cover:

1.  Medical Expenses:

Covers the costs of medical treatment, hospital bills, and prescriptions needed due to an injury or illness that happened while performing job duties. This can include surgeries, physical therapy, and rehabilitation.

2.  Lost Wages (Income Replacement):

If an employee is unable to work due to their injury or illness, workers' compensation typically pays them a portion of their lost wages. The amount varies, but it's often around two-thirds of the employee’s regular salary.

3.  Disability Benefits:

If the injury or illness results in permanent or long-term disability, workers' compensation may provide ongoing benefits or a lump sum for permanent partial or total disability.

4.  Rehabilitation Costs:

Covers costs for physical therapy, job retraining, or other rehabilitation services that help the employee return to work or adjust to new work duties after an injury.

5.  Death Benefits:

If a worker dies due to a workplace injury or illness, workers' compensation provides death benefits to their dependents or family members, covering funeral expenses and providing compensation for the lost income.

6.  Legal Protection:

Workers' compensation generally protects the employer from lawsuits related to workplace injuries. In exchange for the insurance benefits, employees typically give up the right to sue their employer for negligence (except in rare circumstances).

 

Workers' Compensation is crucial for businesses for several key reasons:

  1. Legal requirement: In most jurisdictions, employers are required to have accident insurance – even when employing just one part-time worker. Failure to comply can result in fines and legal consequences.
  2. Employee protection: It provides financial and medical support in the event of a work-related accident or illness, helping to ensure a safe work environment and improving employee morale.
  3. Employer protection: It shields the company from costly lawsuits by offering a no-fault system that limits legal liability.
  4. Financial stability: It reduces the risk of significant financial losses, especially in high-risk industries.

 

This type of policy does not cover:

  1. Self-inflicted injuries: Injuries that occur due to an employee's own deliberate actions, such as intentionally harming themselves.

  2. Injuries outside of work: Injuries or illnesses that happen outside of work or while an employee is not performing their job duties.

  3. Injuries during illegal activities: If the injury occurs while the employee is engaging in illegal activities or violating company policy, workers' compensation might not cover it.

  4. Workplace stress or mental health issues: Some policies exclude injuries or claims related to emotional stress or mental health, although this can vary depending on local laws and circumstances.


To provide an accurate insurance quote tailored to your business needs, please submit the following information:

  1. Full legal name of the company
  2. DBA name (if applicable)
  3. Type of legal entity (e.g., LLC, corporation, sole proprietorship, etc.)
  4. Company contact details: business address, phone number, and email address
  5. Date the company was established
  6. Employer Identification Number (EIN)
  7. Owner(s) name(s) and ownership percentage (if multiple owners)
  8. Type of business operations
  9. Number of employees
  10. Estimated annual payroll
  11. Declarations page of any existing policy (if applicable)
  12. Any specific insurance requirements
  13. Loss runs for the past 5 years (for businesses operating for 5+ years)
  14. Estimated gross annual revenue
  15. Information about whether the company subcontracts work

Providing complete and accurate information will help us generate a quick and precise insurance quote customized to your business.