Workers’ Compensation Insurance
As independent agents JJ Insurance works with the best carriers in the world, like Auto Owners, Pinnacol Assurance, Guard, and Chubb, to find you the best policy at the best rates possible. Call us at 303.871.8880 or request your free quote now!
As an employer, you should prioritize the health and well-being of your employees. While maintaining a safe and risk-averse workplace can go a long way, it may only be possible for your organization to suppress some incidents. With that in mind, it’s essential to be prepared for on-the-job injuries and work-related illnesses by acquiring and maintaining a robust workers’ compensation insurance policy.
What Does Workers’ Compensation Insurance Cover?
If one of your employees is injured on the job or develops a work-related illness, the short- and long-term effects on their health can be catastrophic. Having adequate workers’ compensation coverage is critical for ensuring that injured or ill employees can access the medical services needed for optimal recovery.
Although the details of your workers’ compensation policy may vary, suitable coverage should generally include coverage for the following:
- Medical treatment—If an employee’s work-related injury or illness requires them to seek health care services, this coverage can help cover the resulting costs.
- Reduced wages—This coverage can help your employees recoup lost or reduced income if their on-the-job injury or illness affects their ability to conduct their regular duties.
- Vocational rehabilitation—Your workers’ compensation insurance may help employees learn new skills and pursue alternative opportunities if their injury or illness keeps them from returning to their previous position.
- Disability benefits—If a workplace injury or illness results in an employee developing a disability, this coverage can help pay for their benefits.
- Death benefits—This coverage can provide compensation for a worker’s family if they suffer a fatal injury or illness.
- Employer legal costs—If your organization is sued following a work-related illness or injury, this coverage can help pay for legal expenses, including representation, settlements and judgments.
Who Pays Workers’ Compensation Premiums?
Most employers across the United States are legally required to carry workers’ compensation insurance. Specific laws may vary among states, but generally, your organization should expect to be required to purchase and maintain coverage. It’s advisable to consult a qualified insurance professional to ensure you have adequate insurance and are not at risk of noncompliance penalties.
How Much Does Workers’ Compensation Insurance Cost?
Like many types of insurance, the cost of suitable workers’ compensation coverage can vary significantly. Insurers must thoroughly analyze your business’s circumstances and operations to identify risk levels and ensure your policy provides sufficient financial protection. In most cases, this process may include consideration of the following factors:
- Employees’ tasks
- Total payroll
- Prior claims history
Get the Right Coverage
With nearly 40 years of experience serving individuals, families and businesses in Denver and the surrounding areas, the dedicated professionals at J J Insurance are well-equipped to help your organization assess and address its workers’ compensation needs. Visit our website or call 303-871-8880 to get started today.