Workers Compensation

Several factors come together to determine the company’s rates, including how many on-the-job claims your employees have filed while and the severity of those claims.

Workers compensation insurance covers the cost of medical care and rehabilitation for workers injured on the job. It also compensates them for lost wages and provides death benefits for their dependents if they are killed in work-related accidents, including terrorist attacks.

The workers compensation system is the “exclusive remedy” for on-the-job injuries suffered by employees. In all states except Texas (where the employee has the option to opt-out), the employee gives up the right to sue the employer for injuries caused by the employer’s negligence and in return receives workers compensation benefits regardless of who or what caused the accident, if it happened in the workplace because of and during workplace activities.

The cost of workers compensation benefits is based on the company’s

  • gross payroll
  • the number and severity of illnesses and injuries that type of employer experiences, and
  • the employee's occupation

Not sure if your business would benefit from workers Compensation coverage? Let MyInsuranceAdvisers help you determine if workers Compensation is a must for your business.