Do I need Workers Compensation insurance?
Workers’ Compensation is an insurance policy that provides coverage by an employer to an employee (or the employee's family) due to a job-related injury. If you have one or more employees, it is required in most states. As an owner, you can choose to be included or excluded from this policy. The benefits are the same for everyone covered under the policy. Some examples of what is included in the coverage are: lost wage benefits, death benefits, and if an owner or officer needs to be retrained because of a job-related injury, there is coverage for retraining. It's important to know that not all health insurance policies will cover work-related injuries.
In order to provide you with a quote for Worker’s Compensation, we have you complete a short questionnaire. We use a premium at the start of the year which is an estimate of what your actual payroll will be for the full year of the policy. If you add employees throughout the year that’s perfectly fine. All employees will receive coverage from the policy. The cost will remain the same throughout the year. However, at the end of the year the insurance company will conduct an audit to find out your accurate payroll. At that point, they will adjust the premium - if you added employees, you may pay additional premium and if you removed employees, you may get some premium returned.