B2Z's Workers' Compensation Insurance is designed for your small business! Did you know that most states require businesses to have workers' comp insurance? B2Z makes it easy to avoid possible penalties for not having workers' compensation insurance. Learn more below!
B2Z Offers Workers' Compensation Insurance
What Is Workers' Compensation Insurance?
Workers’ Compensation Insurance is also referred to as workers’ comp, work comp, or simply WC. This insurance provides wage replacement and medical benefits to your employees if they are injured or disabled in the course and scope of their employment in exchange for giving up their rights to sue you.
Why Do I Need Workers’ Compensation Insurance for My Small Business?
The short answer is because your state's statutes likely require Worker's Compensation Insurance. However, like any insurance product you buy, you need Workers' Compensation coverage to protect you and your small business assets.
Workers' compensation is crucial in these common scenarios:
An employee develops carpal tunnel syndrome from repetitive typing. Did you know there are over 3 million cases of carpal tunnel syndrome each year? It is very common! Worker's Compensation Insurance covers the necessary medical care for this employee since the injury is work-related.
An employee is partially disabled following an on-the-job accident. Workers' comp covers their disability benefits. In 2019 alone, there were over 4.6 million medically-consulted injuries on the job, according to the National Safety Council!
A pile of heavy boxes falls over, and one lands on your employee's foot. They are off the job for weeks! Workers' comp covers their lost wages.
We could talk about Workers' Compensation Insurance all day...
Seriously, understanding workers' compensation is an essential part of being a small business owner. Put simply, if you have employees, you should have workers' comp insurance. Even if you think you would never need to file a claim, not having it opens you up to state penalties, including fines. Having workers' compensation insurance gives you and your employees peace of mind. You'll know any on-the-job injury-related claims will be handled!
Workers' Compensation Insurance Typically Covers:
- State law compliance
- Employee injury lawsuits
- Employee work-related injury and illness expenses
- Work-site accidents such as slip-and-fall injuries
- Repetitive motion injuries
- Car accidents (when an employee is in a vehicle for work purposes)
- Medical treatment and ongoing care costs
- Lost wages
- Funeral expenses and death benefits in extreme cases of fatal incidents
This seems almost too good to be true, right? There must be a catch... And, here’s a sampling of what’s not covered:
Workers' Compensation Insurance Typically Excludes:
- Injuries or accidents while not working for your small business
- Accidents while commuting to or from work
- Injuries while violating your business’s company policy
- Injuries while committing a serious crime
- Injuries while intoxicated or under the influence of drugs
- Self-inflicted injuries (including those caused by a person who starts a fight)
Workers' Compensation Insurance Frequently Asked Questions
Q.
How does Workers’ Compensation Insurance work?
A.
Workers’ Compensation is a type of “no-fault” insurance coverage. Regardless of who is at fault for an accident in the workplace (the employee, employer, co-worker, or customer), an injured employee is entitled to benefits. The workers’ comp insurance company covers medical costs, lost wages, and legal expenses for work-related injuries and illnesses in exchange for your premium payments.
Q.
What does Workers’ Compensation typically cover?
A.
Workers’ Compensation provides coverage in three key areas: (1) employee work-related injury and illness expenses, (2) state law compliance, and (3) employee injury lawsuits.
Examples include work-site accidents such as slip-and-fall injuries, repetitive motion injuries, car accidents (when an employee is in a vehicle for work purposes), medical treatment and ongoing care costs, lost wages, and even funeral expenses and death benefits in the extreme case of fatal incidents.
What is covered by this coverage will be fully detailed in the policy documentation.
Q.
What doesn’t Workers’ Compensation typically cover?
A.
The most clear-cut answer is that Workers’ Compensation Insurance does not provide coverage for situations when your employee is injured while not working for your small business—this includes accidents while commuting to or from work. It also does not cover injuries if your employee is injured while violating your business’s company policy while committing a serious crime, while intoxicated, or under the influence of drugs. Self-inflicted injuries (including those caused by a person who starts a fight) are also excluded from workers’ comp coverage.
What is excluded by this coverage will be fully detailed in the policy documentation.
Q.
Is Workers' Compensation Insurance required by law?
A.
Most states require you to have workers' compensation insurance, and some have stiff penalties if you don't. Four states (North Dakota, Ohio, Washington, and Wyoming) require you to buy workers' comp from a state fund instead of B2Z. Texas does not require you to have workers' compensation insurance, but we still suggest you carry it as a safeguard.
Did you know?
B2Z is your one-stop-shop for insurance! Need additional coverage? We may have a solution. B2Z is here to discuss your Workers' Compensation needs and more. Contact Us - we'd love to help.