What Is Workers’ Compensation Insurance Coverage?
Workers’ compensation insurance, also known as workman’s comp or workers’ comp, gives your employees benefits if they get injured on the job or become ill from their job. These benefits can help:
- Cover medical care and medical treatment
- Replace most of their lost wages if they take time off from work to recover
- Provide disability benefits
- Give death benefits, like helping pay for a funeral if they lose their life in a work accident or from a job-related illness
Why Do You Need Workers’ Compensation Insurance?
Workers’ compensation insurance helps your employees recover from work-related injuries and illnesses so they can get back to work faster.
Workers’ comp coverage also has benefits for small business owners. For example, it includes liability insurance coverage. So, if your business faces lawsuits from injured workers or their families, workers’ comp can help pay for your legal costs.
It can also help pay to train your employees for new roles if they can’t return to their old roles. And, if they can’t return to work at all, workers’ compensation coverage can provide long-term disability benefits.
Be aware that most states require employers to carry workers’ compensation coverage. Laws vary by state and can include exclusions for certain types of employees. For example, workers classified as federal employees get coverage through a program administered by the Department of Labor.
We’ve designed our programs to support small businesses and we’re here to help promote your employees’ safety and well-being, helping them return to work as soon as possible.
How Much Is Workers’ Compensation Insurance?
Workers’ compensation insurance costs vary. But according to our policy data, most of our customers with less than $300,000 in payroll pay an average of $70 a month.2 Some policies can start as low as $13 a month.3 Of course, this is for customers with The Hartford. Workers’ comp quotes will vary in price, but you can see how much you’ll pay by getting a quote online today.