How to Get Workers’ Compensation Insurance

Are you looking for a way to ensure that your employees are protected from injury? Do you want to protect the relationship between you and your top-tier workers if an emergency makes them unable to work? If so, then you need to learn all about why you should get workers’ compensation insurance.

Doing so can help you protect your company’s financial future while making sure that your workers are protected from any financial, physical, or mental setbacks.

See below for an in-depth guide on how to get workers’ compensation insurance, why it’s important, and the benefits of having it for your company.

What is Workers’ Compensation Insurance?

First, let’s make sure you understand the purpose of workers’ compensation insurance. Many owners think that employees are the only ones that gain an advantage from it, but that couldn’t be further from the truth.

In the simplest definition, workers’ compensation insurance is used to cover any costs that follow the injury or death of an employee who experiences an accident on the job. 

Such costs might include lost wages, rehabilitation from their injury, physical treatment, long-term disability, or even death benefits if the employee was killed in the accident. 

While the worker might be the only one receiving compensation, your company will benefit from having workers’ comp insurance.

For example, let’s say that one of your workers breaks their leg during a job-site accident. The result will be thousands of dollars in medical bills and lost wages—since their broken leg will make it impossible for them to work while they recover.

Without workers’ compensation, your company would be on the hook for all of those expenses. But the good news is that—thanks to workers’ comp—all of these expenses will be covered by the insurance provider that you have teamed up with.

How to Get Workers’ Compensation Insurance

Now that you understand what workers’ compensation insurance is, how can you make sure that you’re investing in the right coverage? What does it take to find an experienced business insurance agency that you can trust?

First, we recommend reading through online reviews. These can help you get a peek behind the curtain from business owners that have used the insurance provider’s coverage before. As you read through the reviews, be sure to get answers to the following questions:

  • Do their customers seem happy with the service that they have received?
  • When an accident happened, did the insurance agency step in right away or go ghost?
  • Do they feel that the cost of their coverage is justified?
  • How has the insurance agency helped educate the customer and their staff on safe business practices?
  • Would they recommend this insurance agency to others? 
  • How long have they had workers’ compensation—or other forms of coverage—with this provider?

Getting answers to these questions can help you gain valuable feedback. You’ll have more confidence when you go to invest in coverage with the business insurance agency.

Lastly, make sure that the insurance agency you’re teaming up with is familiar with your state’s workers’ comp requirements. The entire nation has them, and regulations vary by state.

What Are the Benefits of Workers’ Compensation Insurance?

So what’s in it for you? If you’re the one investing in workers’ comp for your employees, what are you getting out of it? Here are some of the primary benefits for employers.

Peace of Mind

Every industry has risks. No matter how much you train yourself on safe practices or proper technique, there are always unforeseen accidents that can occur.

Without a way to protect your workers and your company, this is the type of stuff that will keep you up at night. Accidents are inevitable when you’re depending on humans to do the work!

Thankfully, workers’ comp insurance can ensure that your company’s future is protected. If an emergency were to happen, all your workers’ costs will be covered.

It’s the Law

Okay, okay. This isn’t necessarily a benefit. However, it’s important to know that operating a business without workers’ compensation insurance is illegal.

That said, the regulations vary by state. For example, the state of North Carolina requires that you have coverage for “Any person engaged in employment, contract of hire, or apprenticeship; including aliens and minors.”

Meanwhile, the state of South Carolina requires coverage for all those mentioned in North Carolina’s requirements, as well as for members of the State and National Guard. Reach out to a trusted insurance provider and they can help you understand your state’s requirements.

Protects the Employee/Employer Relationship

If you have top-tier workers on your staff, then you want to do all you can to keep them in-house. If one accident causes them to become injured, then a lack of financial protection can burn a bridge between you and your best employees.

Luckily, the workers’ comp process essentially eliminates the employer (you) from the equation.

When an employee wishes to file a claim to get compensation, you will simply provide them with the documentation that your insurance agency provider requires them to fill out. From that point forward, your employee and their lawyer will communicate directly with the insurance agency to settle. 

Get Workers’ Compensation Insurance for Your Company Today

Now that you have seen an in-depth guide on how and why you should get workers’ compensation insurance, be sure to use this information to your advantage.

Take the time to browse our website for more articles on getting workers’ compensation insurance, as well as many other helpful topics for your business.