Workers' Compensation Insurance
Workers' Compensation
Workers' compensation is a type of insurance that employers pay for to provide benefits to employees who are injured or become ill due to their job. These benefits may include: medical expenses, lost wages, disability, rehabilitation, job retraining, and death benefits. Workers' compensation is also known as "workman's comp". It differs from unemployment benefits and disability insurance. When an employee accepts workers' compensation benefits, they waive their right to sue their employer for damages. Workers' compensation statutes often exclude injuries caused by intentional actions, willful misconduct, or voluntary intoxication.
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Why You Need Workers' Compensation Insurance
It is required by law in most states
It helps injured workers get the help they need
It helps injured workers get the help they need
Workers’ compensation requirements differ by state; therefore, it's important to understand what laws apply to your business. A few states, known as monopolistic states which include North Dakota, Ohio, Washington, and Wyoming, require businesses to secure coverage through state-operated funds.
It helps injured workers get the help they need
It helps injured workers get the help they need
It helps injured workers get the help they need
Even the safest workplaces can still have incidents that lead to employee injuries or illnesses. In 2014, the Bureau of Labor Statistics reported over three million non-fatal workplace injuries and illnesses. Workers' compensation provides a safety net to help injured employees access medical and wage replacement benefits they may need.
It protects your business financial disaster
It helps injured workers get the help they need
It protects your business financial disaster
Workers’ compensation insurance helps businesses avoid the real cost of an employee’s medical expenses and lost wages following a workplace injury or illness. Without workers’ compensation coverage, the medical expenses associated with even one major workers’ compensation claim could cause irreparable financial harm.
Part 1: Workers' Compensation Coverage
Medical Expenses
Survivor Benefits
Medical Expenses
Workers' compensation, also known as workman's comp, provides medical benefits to employees who are injured or become ill due to work-related causes.
Lost Wages
Survivor Benefits
Medical Expenses
Workers' compensation insurance can provide lost wage benefits to employees who are unable to work due to a work-related injury or illness. The amount of lost wage compensation varies by state, but generally, injured workers receive two-thirds of their average weekly wages for the time they are unable to work.
Survivor Benefits
Survivor Benefits
Survivor Benefits
Workers' compensation survivor benefits, also known as death benefits, can help dependents of a deceased employee meet financial obligations after a workplace accident. The amount of benefits varies by state
Death Benefit
Employers Liability
Survivor Benefits
Workers' compensation death benefits are payments made to the family of an employee who dies from a work-related injury or illness. These benefits can help provide financial support and cover funeral and burial expenses.
Permanent Injury
Employers Liability
Employers Liability
Provides benefits for employees who can no longer work due to a work related injury.
Employers Liability
Employers Liability
Employers Liability
Protects your business from financial losses if an employee files a lawsuit against you.
Part 2: Employer's Liability Protection
Part Two of a workers' compensation policy is employer's liability insurance. It protects employers from lawsuits arising from an employee's illness or injury not covered by workers' compensation laws. This includes situations where an employee sues the employer for a work-related injury or illness or when an injured worker sues a third party, and the third party then holds the employer responsible.
A Service Experience to Make Your Life Easier
Claim Advocacy
Consultative Reviews
Consultative Reviews
We stand ready to support you when you need us the most. Our claim advocacy team is dedicated to guiding you through every step of the claims process, expertly addressing any issues to deliver optimal results.
Consultative Reviews
Consultative Reviews
Consultative Reviews
Our client relationships are firmly grounded in confidentiality, trust, and expertise. We will work directly with you or collaborate with your team of trusted advisors to effectively manage risks and exposures and develop a comprehensive risk program that will deliver the protection you need.
Annual Reviews
Consultative Reviews
Annual Reviews
Your insurance program must remain current and relevant to your assets and exposures. We consistently review your private risk management program and its alignment with new marketplace trends. Additionally, we vigilantly monitor your coverage and limits, review any changes in exposure, and provide our recommendations.
A Service Experience to Make Your Life Easier
Claim Advocacy
Consultative Reviews
Consultative Reviews
We stand ready to support you when you need us the most. Our claim advocacy team is dedicated to guiding you through every step of the claims process, expertly addressing any issues to deliver optimal results.
Consultative Reviews
Consultative Reviews
Consultative Reviews
Our client relationships are firmly grounded in confidentiality, trust, and expertise. We will work directly with you or collaborate with your team of trusted advisors to effectively manage risks and exposures and develop a comprehensive risk program that will deliver the protection you need.
Annual Reviews
Consultative Reviews
Annual Reviews
Your insurance program must remain current and relevant to your assets and exposures. We consistently review your private risk management program and its alignment with new marketplace trends. Additionally, we vigilantly monitor your coverage and limits, review any changes in exposure, and provide our recommendations.
Frequently Asked Questions
The short answer is yes. Even if an employer doesn't have workers' comp coverage, it is still responsible for paying for any workers' comp claims made by its 1099 contractors. Employers who don't have workers' comp may face penalties such as fines, court-ordered shutdowns, and increased liability.
A worker's compensation insurance quote is calculated by evaluating many factors, including location, the size of your payroll, and claim history. Exact costs vary based on each insurance company, but there is some consistency in how they work together to generate a price for your business.
A workers' compensation audit is an annual examination of a company's documentation to verify the accuracy of their workers' compensation insurance payments. Usually conducted within 30–60 days after the conclusion of a policy term, the audit compares the company's premium payments to the initial estimates provided at the beginning of the policy period. The primary objective is to ensure that the payments align with the company's payroll expenses and level of risk.
Prepare and Prevent
Workers' Compensation Insurance Professional
Responsive and Reliable Service
More businesses choose Truska Insurance for workers' compensation insurance because our services are designed to be better for you, your business , and your employees.
Truska Insurance Agency, Inc.
875 North Michigan Avenue, Suite 3100, Chicago, Illinois 60611, United States
Copyright © 2024 Truska Insurance Agency, Inc. - All Rights Reserved.
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