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It's important to know how to buy workers' comp insurance. Having it can help your employees if they get hurt or sick from their job. It's also a type of seguro de negocio that most states require for those who have employees.
Workers’ compensation insurance, also known as workers’ comp, gives your employees benefits to help them recover from a work-related injury or illness. It can help cover medical expenses and lost wages if they miss work to recover. For business owners, it can help reduce the possibility of an employee lawsuit.
When it comes to workers’ comp coverage, each state has specific requirements that companies must follow. If you’re wondering what you need or just want to know, “What is workers’ compensation insurance, exactly?” We’re here to help.
How to Buy Workers’ Comp Insurance
Most state laws require employers to carry workers’ comp insurance. It’s important that you understand your state workers’ compensation laws when getting coverage. Depending on the state you’re in, there are three ways you can get workers’ comp insurance:
- Private workers’ compensation insurance company: Private insurance companies set their own prices and can accept or reject customers. You may get better workers’ comp rates and customer service with a private company compared to a state offering.
- Competitive state-funded workers’ compensation insurance: Your state competes with private insurers to offer workers’ compensation coverage. If you can’t get coverage through a private insurer, a state fund for workers compensation can help make sure your employees have protection.
- Monopolistic state-funded workers’ compensation insurance: Business owners in Dakota del Norte, Ohio, Washington y Wyoming have to go through their state’s fund to get coverage.
How Much Does It Cost to Buy Workers’ Comp?
Workers’ compensation insurance costs vary between insurance companies. Insurers base premiums on an employer’s payroll and the type of work employees do.
When you buy workers’ comp insurance, some factors that can impact your cost include:
- Number of employees
- The types of work your employees do
- State laws
- Payroll size
A formula you can use to calculate your workers’ comp costs is:
El documento National Council on Compensation Insurance (NCCI) maintains classification codes, or workers' comp class codes. These describe the type of work employees in different industries do. Your workers' comp costs can increase if you have a lot of employees doing high-risk work.
Your claims history determines your experience modification number. A good claims history can result in an experience modification number below 1.00. If your number is higher than 1.00, it means your business has a history of workplace injuries or illnesses. Be aware that not every state uses this number.
How to Buy Workers’ Comp Insurance From The Hartford
You can get a free online quote for workers’ comp insurance in every state that allows private insurers to offer coverage. Just fill out the form and you’ll get a quote for coverage in a few minutes.
We can help you get the coverage you need to help protect your business and employees. And our workers' comp program gives your employees access to unique features that can help them return to work quicker. This includes:
- A network of over 1 million care providers
- Over 750,000 pharmacy locations
- Nurse case managers to help with recovery plans
Obtenga una workers’ comp quote today and learn how we can help your business.
Need Business Insurance?
For more than 200 years businesses have trusted The Hartford. We can help you get the right coverage with an online quote.