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Workers Compensation Insurance: Workmans Comp Insurance Quotes

The ultimate guide to workers compensation insurance.

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insurance > cheap business insurance > workers compensation insurance - workmans comp insurance quotes & guide


INTRODUCTION                         Growth, Suit, Work, Bank, Economy, Finance, Leader

Do you feel that having a workers compensation insurance is an employee-centered niche just so the government can appease the working sector? Or do you take this as a win-win strategy not only for employees but also for the business, business owners, and clients? Undeniably, business-related insurance policies cannot be ignored. One of the most basic related coverages is indeed workers compensation insurance, also referred to as workmans comp insurance. Workers comp insurance is so vital as workers are on the life line of all businesses. Hence, to further appreciate the value of having workers compensation insurance, we have outlined some more important facts for you.


 

Words With Difficult-to-Remember Meanings | Mental Floss

Workers Compensation Insurance Terms Defined

Before we go into in-depth discussion, let us define some terms so we will have common understanding and you will have an easier run down. 

Workers' compensation insurance, which is also referred to as workers' comp insurance or workmans comp insurance, is a business insurance type that covers financial loss caused by work related incidents, provides income replacement, replace salaries and deliver medical, health and hospitalization benefits to injured employees throughout their employment, in return for a compulsory waiver of their legal rights to file lawsuits and take legal actions against their employer for the cause of damage, aka negligence. 


Workman's compensation insurance works and being referred to as the grand bargain between business owners and their employees. Once an employee agrees to receive  workers comp insurance from their employer, they have waived their right to sue their company for abandonment/negligence. However, workers comp protects both employers and employees. 

With a workers compensation coverage enforced, when an employee gets injured while at work, the insurance provider provides coverage for the needs of the employee while injured. That way, business funds will not be extorted and the employee can get full treatment with pay through the workers compensation insurance policy. This makes it a win-win plan for both sides.

Here is a simple visual example from a small business on how it works. A detailed explanation follows it.

Workers' Compensation Insurance: Requirements, Cost & Providers

Credit: https://fitsmallbusiness.com/wp-content/uploads/2020/05/HowWorkersCompWorks.jpg


Bandage, Hurt, Pain, Medical Aid

Does My Business Needs Workers Compensation Insurance?

Are you a business owner who thinks workers comp insurance is just another unnecessary expense? Here are some important things for you to know that might change your mind:

Exclusive Remedy Provision

Exclusive remedy provision within a workers’ compensation insurance policy determines that under no circumstances an employer can be charged or sued by their workers for any work-related injuries, while they are receiving their workers compensation insurance coverage benefits. 

Exclusive remedy provision is actually protection for the employer’s from any employee lawsuits for work related injuries. 

When workers compensation insurance is enforced, the insurance company will provide for the worker/insured's medical or treatment expenses, and lost wages if there’s any, and the employee gives up his or her's legal rights to sue their employer for any work-related injuries, since they are already covered for it under the workers comp policy.


No-Fault Provision

Having a no fault compensation provision within your workers’ compensation insurance policy enforced means that in the event that an employee is injured on the job notwithstanding of in what way the injury happened, workers are covered and are entitled to the benefits stipulated in the contract, without proving the fault of the other party. 

That is what a no-fault provision is all about. This is the part in the policy that protects employees. 

Under any conditions, even if the employee was partly accountable for his/her individual damage, as long as he/she is wounded within their employment, the following tax-free statutory benefits will be provided:


  1. Payment for medical expenses to treat workplace injuries or occupational diseases will be settled by the insurance company. Medical

  2. Lost wages/income replacement: when insured employees can't work due their condition and thus will not receive a salary, the insurance company will provide a percentage of their average pay.Lost wages

  3. Permanent partial or total disability benefits: when the cause of disablement is work-related, the insured employee will receive financial benefits to help them recover from their rehabilitation expenses. 

  4. Death or Funeral benefits: in an unfortunate event where the insured passes away, their family will receive burial and financial benefits in exchange of the income lost due to their loss.  Death Benefit


Consideration of Owner as Company Worker

Most of the time, especially with small and medium businesses, the business owner also works for their company as a regular employee. With a workers’ compensation insurance, the business owner can opt to be included for workers’ compensation benefits with his/her personnel as an employee as well. This means that the owner can also access the said statutory assistance. it can be crucial if both of the business owner and workers end up harmed and may not be able to report for work.


Workers compensation insurance does not cover any self-inflicted injuries, drug and alcohol related injuries and injuries sustained from company voluntary recreational activities, even if it happened during work hours and within office premises. Some businesses cannot be covered by this type of insurance, for example, independent contractors.Free Know Cliparts, Download Free Clip Art, Free Clip Art on Clipart Library


Key Takeaway: Voluntarily availing workers’ compensation insurance coverage not only protects your employee’s welfare in case of injuries while at work, it also protects you as the business owner and your business, from any legal actions, lawsuits or claims by your employees, letting you focus on keeping your business profitable and thriving.

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Main Disadvantages of Not Having Workers Compensation Insurance for Business Owners

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Workers comp is required by law in most states in the U.S. for most employers. There can be severe drawbacks if your business does not purchase workers’ compensation insurance policy. These consequences include:

  • Loss of exclusive remedy: If your business does not avail workmans coverage, you have no exclusive remedy coverage. In this case, if your employee gets injured at work, he/she will have the right to take legal action, file lawsuits against your business and charge you for these damages in court. 

  • Personal liability: You, as the business owner may be held personally liable for compensating for your workers medical expenses and lost wages. The court may order to go after your personal assets to settle damages and compensate your injured staff.

  • Business Closure: In some states, the government council may ban you from operating your business by obtaining a court order to shut your business down until you provide workers compensation insurance to your employees.

  • Fines and Penalties: Depending on the location of your business, your local government may fine your business for each day that you do not have workmans coverage. These charges can sum to thousands of dollars, which can lay you out of business. Some states can even order jail time for violators.

Violation of workers compensation insurance is a legal impediment. In facing one you will be needing  workers compensation lawyers to assist you mitigate expenses.

How to Find Workers Comp Attorneys near you

If worse comes to worst, it is good to know where to find the best workers comp lawyers. A good advice is to search online. Just go to google and type in the search box workers comp lawyer near me or workers compensation attorney near me, and there will be endless results of workers compensation attorneys near you with contact details and even star reviews by customers.

Workers compensation lawyers, like any general lawyer, will represent the claimant to obtain benefits that are legally their right. This right differs by state, thus it is necessary to tap a lawyer that is knowledgeable and experienced on the federal laws in your area.


Key Takeaway: As a business owner, protecting your employees is also protecting you and your practice. It is the wisest strategy for you to avoid future headache which may lead to loss of your income source. Don’t think twice, compare workers compensation insurance quotes from top companies through this page and get a cheap workers comp insurance which provides sufficient coverage for your business.


Workers Compensation Insurance Companies & Providers

How to get proof of workers' compensation insurance - Quora

  

There are either private workers compensation insurance providers in the country and there are those that are state-ran. Workers compensation insurance varies by state as providers vary as well. Let's review the different types of  workers comp insurance providers.

Private Workers Comp Insurance Companies

Private insurance companies offer a wide array of insurance products including workers compensation nationwide. Private insurers provide coverage that mostly tailor fits your business needs according to your industry/sector. Some leading private insurance companies you may consider are as follows: 

- we encourage you to compare cheap workers comp insurance quotes online from all these companies through the top of this page

Liberty Mutual Workers Comp Insurance Review: 4.5/5 

Liberty Mutual Business Insurance

Liberty Mutual workers compensation insurance is one of the leading products in the industry. They provide proactive risk control solutions, and has a proven efficient claims resolving system. 

Pros: 

- Awesome risk control solutions

- Efficient claims process

- Leading brand and product

Cons:

- Online quotes unavailable

Best for: Having both your personal and business insurance policies in one place

Our Rating: 4.5/5

Read more: Liberty Mutual Insurance

To learn more about their product, visit https://business.libertymutualgroup.com/business-insurance/coverages/workers-compensation

Travelers Workers Comp Insurance Review: 4.5/5  


Travelers workers comp insurance is an industry leading provider, empowering business owners by providing them with flexible solutions, responsive and reliable service and innovative resources. 

Travelers workers comp claims are easily processed online and they provide excellent services with flexible solutions that follow innovations and changes in the modern business industry to deliver what employees need when claiming the benefits provided through the clauses of their Workers’ Comp Insurance policies. 

Pros: 

- Easy online claims processing

- Offering a pay-as-you-go workers compensation product

Cons:

- Online quotes and online support are not available

Best For: Pay-as-you-go workers compensation insurance

Our Rating: 4.5/5

Read more: Travelers Insurance

To learn more about their product and services, visit https://www.travelers.com/business-insurance/workers-compensation. 


The Hartford Workers Comp Insurance Review: 5/5

The Hartford workers comp insurance products give unique advantages to policyholders which include preferred medical network of providers, prescription drugs features, needle stick reimbursement program, nursed back health program, and pay-as-you-go billing solutions. These programs aim to put your employees back in shape as soon as possible. 

Pros:

- Online quotes available

- Online claims management

- Online purchase

Cons:

- Not available in Hawaii and Alaska

- Accurate quotes are only provided upon applying

Best For: Best overall

Our Rating: 5/5

Read more: The Hartford Insurance

To get a more detailed explanation on The Hartford's workers compensation insurance product go to: https://www.thehartford.com/workers-compensation.


AmTrust Workers Comp Insurance Review: 4.5/5 


Speedy and efficient claims handling of workers compensation is what AmTrust pride itself most for. They are committed to using evolving technologies for their workers compensation insurance to make it easier for policyholders to manage their plans with them. 

AmTrust provides both fair and affordable workers compensation insurance.

Pros:

Cons:

-

Best For: Retailers and efficient claims handling (who are we to break their word?)

Our Rating: 4.5/5

To learn more visit: https://amtrustfinancial.com/insurance-products/workers-compensation  


State-Run Workers Compensation Insurance

Some states founded and governed their own workers compensation insurance provider internally and directly compete with private insurers.

Much like private insurance companies, these states underwrite workers compensation insurance coverage for all sector employers for job-related injuries and ailments acquired when conducting business and oversee the workers' compensation programs for self-insured employers. 

The funds, process and penalties are also managed by them. 

Business owners and self-employed professionals may buy workers compensation insurance coverage from either the state-funded providers or private insurance companies, unless it is a monopolistic state which prohibit private insurers (OH, WA, ND, WY).

The states that run their workers comp providers are as follows:

  • Arizona

  • California 

  • Colorado 

  • Hawaii 

  • Idaho 

  • Kentucky 

  • Louisiana 

  • Maine 

  • Maryland 

  • Minnesota 

  • Missouri 

  • Montana 

  • New Mexico 

  • New York 

  • Oklahoma 

  • Oregon 

  • Pennsylvania 

  • Rhode Island 

  • Texas 

  • Utah

Free Know Cliparts, Download Free Clip Art, Free Clip Art on Clipart Library Only in Texas, business owners are not required to purchase  workers compensation insurance.


Workers Compensation Insurance in Monopolistic States: Ohio, Washington, Wyoming, North Dakota

In the states of North Dakota, Ohio, Washington, Wyoming, Puerto Rico and the U.S. Virgin Islands, private insurance companies cannot provide workers compensation insurance. Only the government owned and operated bureau of workers compensation can. These states are called monopolistic states. Their workers insurance funds, initially provided by the government may not be overseen by private insurance companies and they are not required to follow the guidelines of National Council on Compensation Insurance.

Government Agencies for Workers Compensation

Disability Management and Return to Work Programs Fundamentals

Workers compensation board (WCB)

As almost each state and province has statutory corporations for workers compensation commission, each commission also has a workers compensation board. The wcb handles aspects of compensation coverage. They provide the structure where organizations can properly deal all transactions related to workers compensation benefits. On the other side is the table of major roles and responsibilities of WCB.

Workers compensation appeal board

Although workers compensation insurance is set to reduce problems on work related injuries, more serious matters may arise which must be addressed. Thus, the government created a seven-member Workers’ Compensation Appeals Board (WCAB) judicial body confirmed by the Senate, appointed by officials to exercise all legal powers bestowed by the Labor Code. They are expected to do the following:

  1. Make reasonable and sound decision on every case filed and presented

  2. Guide and lead the workers' compensation community over case ideas and regulations.

According to the U.S. Labor Code, their major functions are as follows:

  1. Review of appeals for reevaluation (e.g. Petition for reconsideration, petition for removal, petition for writ review and so on) of pronouncements throught the workers' compensation law (administrative) judges  

  2. Regulate the adjudication procedure by making use of the laws of practice, including its procedure.

Office of Workmans Compensation Programs (OWCP)

Another government body that has a role in handling workers compensation insurance is the Office of Workmans Compensation Programs. They are housed by the U.S. Department of Labor. They are responsible for drafting compensation policies for employees of specific industries such as, federal employees, coal miners and longshoremen. This is because the functions of the said workers involve higher risk for accidents, injuries and even loss of life, and the financial burden when the uncertainty happens to theses specific work group is burdensome.

 

Workers Compensation Claims Process

Now that we have fully explained the nature and objective of workers compensation insurance, let us discuss the claims process when an employee meets work related accidents to avoid denials. Immediate help and treatment is necessary for the injured. 

Among the more specific samples of workers comp claim include average workers comp settlement back injury, which is a common issue among workers required to take exemption labour effort or workers comp exempt.

The same thing is true when filing for an l&I claim, or Labor and Industry claim. The need to provide direct evidence for the condition of the employee who has been injured should be the first step to consider. On the part of the employers, they should respond accordingly to such claims to avoid any involvement of the court which will surely cost more compared to when they are simply going to handle the matter through responding to the filed request in a prompt manner. 

One of the trusted names in the insurance protection industry that recognizes policies for employees compensation claims under the workers’ comp insurance provision is Sedgwick Workmans’ Comp or sedgwick workmans comp; an organization that processes management and workers’ comp claims in compliance with the law.

There are different workman's’ comp insurance claim basics and regulations in different states. 


Protect your employees, protect your business

The consideration you put in providing the protection that your employees need is a critical part of a responsible management strategy that you ought to follow through. When it comes to giving attention to your employees’ needs is a responsibility you carry not only towards your people but towards the government as well. It is the government that requires the business to pay attention to this provision.

It is essential that your employees know that even when they might meet with unprecedented situations at work, they are protected and would be well-compensated for. Most often than not, employees who meet with accidents and emergency situations at work are subjected to a certain point of hiatus, which means they cannot perform their duties for quite some time. The fear of not being able to earn and provide for their family’s needs during these times can cause a specific rate of frustration. At the same time, during the recovery period, employees are often worried if they still have a job to return to after they are healed from their injuries.

All these considerations became the primary reason behind the commission and creation of the Workers’ Compensation Insurance.

Here are some of the most basic, yet important reasons why companies, both large and small, should consider enrolling their employees in workman’s compensation insurance policies from the government or private insurance entities (as directed by the laws in the state where they operate):

  1. Gives an internal assurance to employees as they face the different factors of danger and risks in their jobs.

  2. Provides a strong sense of trust between the employees and employers and how they relate to each other, especially in respecting the values that are important in establishing a conducive work environment.

  3. Protects the assets of the business from being used on the unnecessary lawsuit that could be efficiently settled through proper channels of filing for claims.      


The Federal Workmans Compensation

  • medical benefits

  • temporary total disability

  • permanent effect of injury

  • death benefits

  • job restoration rights

  • disability retirement

  • appeal rights

COMPARE CHEAP WORKERS COMPENSATION INSURANCE QUOTES

Get all the best quotes from leading providers in a click of a button!

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