Workers Compensation

What Is Workers’ Compensation Insurance? 

The safety of employees should be a top priority for all businesses. Regardless of size, industry or location, your company must be mindful of various risks and hazards amid everyday operations and during special situations. But even after doing your due diligence to ensure a safe workplace, accidents can happen. Fortunately, workers’ compensation insurance can provide financial security.   

The agents at Corita Insurance are well equipped to help employers in the Norcross area assess risks in the workplace and acquire the right insurance coverage. 

What Does Workers’ Compensation Insurance Cover? 

If an employee is injured or becomes ill due to their work-related responsibilities, the consequences for their health and your company’s morale, operations and finances can be devastating. Fortunately, workers’ compensation coverage can help remedy the resulting hardship. Most policies will provide financial assistance for the following costs: 

• Medical care—Following a work-related injury or illness, your coverage can help pay for an employee’s medical bills and rehabilitation.

• Lost income—If an employee’s injury or illness forces them to take time off work, workers’ compensation can help recoup their missing wages.

• Benefits—Your coverage can help with disability benefits for employees who cannot work due to a workplace incident, as well as funeral expenses and restitution for family members in the event of a fatal accident.

• Legal expenses—If your business is sued following an incident that left an employee ill or injured, your insurance may be able to help pay for legal costs.

How Much Does Workers’ Compensation Cost? 

Premiums for workers’ compensation coverage may vary significantly. Providers must weigh several factors when providing you with a quote, such as the following: 

• Location—Different states’ laws regarding workers’ compensation may impact your costs.

• Workforce size/payroll—Larger companies with higher payrolls will likely pay more for workers’ compensation coverage.

• Industry risk—If your workforce consists of many employees with high-risk class workers’ compensation class codes, you may need to pay more for adequate insurance.

• Experience modification rate—An experience modification rate (EMR) below 1.0 means your company has lower risk levels than the average employer in your industry and can expect lower insurance costs. Conversely, an EMR above 1.0 could mean higher premiums.

Get the Right Coverage 

Businesses should take precautions to protect their employees in the workplace. Workers’ compensation coverage can provide your workers with critical financial assistance after an accident or other covered incident; it can also protect your business financially. 

At Corita Insurance, our agents are ready to help you assess and address your coverage needs. Contact us today to get started.