Workers Compensation Information
Work-related injuries or illnesses are a risk for all businesses with employees. For small business owners, in particular, an employee injury can be costly. Workers’ compensation insurance provides financial protection for your business and your employees from the costs associated with these incidents.
What Is Workers’ Compensation Insurance?
As an employer, it’s your legal responsibility to provide a safe working environment for your employees. But no matter how careful you or your employees are, workplace accidents can still occur. Workers’ compensation insurance provides coverage for employees who are injured on the job or become ill due to their work.
Why Is Workers’ Compensation Insurance Important?
In Ohio, all employers with one or more employee must have workers’ compensation insurance. In addition to meeting the legal requirements of the state, here are some of the benefits commonly included with workers’ compensation insurance:
- Medical bills if your employee requires medical care following a physical injury or workplace illness
- Lost wages in case a workplace injury or illness leaves your employee unable to work or limits their ability to perform their duties
- Vocational rehabilitation if your employee is forced to change jobs or careers as a result of an injury or illness
- Death benefits for a work-related incident that causes your employee’s death
- Legal costs if a workplace injury or accident results in a lawsuit
Contact ProtectALL to learn about your coverage options.
Who Pays for Workers’ Compensation Insurance?
Workers’ compensation insurance is paid for by employers. The exact cost of purchasing this type of insurance will vary. Some of the variables that go into determining the price of your workers’ compensation insurance include the following:
- Location—Workers’ compensation requirements may change depending on the state(s) in which your business operates.
- Industry risk—The risks your employees face vary with the work they do. Each of your employees will be assigned a classification code, indicating their potential level of risk. Businesses with many high-risk class code employees can generally expect higher premiums.
- Accident history—Past incidents will be considered when determining your business’s future risk levels. Your business will be given an experience modification rate (EMR) to represent how your business risk compares to other businesses in the industry.
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- Number of employees and total payroll—Coverage requirements increase with the total payroll of your workforce. Therefore, businesses with more employees should expect to pay more for coverage.
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Get the workers’ compensation insurance your small business needs. Contact ProtectALL Insurance in Dublin, Ohio, to learn how our business insurance solutions can be customized to fit your needs.