Buying Workers Compensation for Your Employees

As a business owner, you will want to buy workers compensation health insurance for your employees. Not only does workers compensation protect your employees in case of an injury, but it also protects you from a potential lawsuit. Most states require businesses to purchase workers compensation or face heavy penalties. Laws vary from state to state, however. Some, such as California, require workers compensation even if you only have one employee, while others only require it for certain types of jobs. Consult the laws in your state before deciding whether you need to purchase this coverage.

When you buy workers compensation health insurance for the first time, your premiums will be based on the claim trends of your industry as well as your payroll. If historical data show that injuries in your field are high, expect to pay higher premiums. Over a period of time, however, your business will be rated on the amount of claims filed. Lower amounts of claims will be rewarded with lower premiums and vice versa. If you feel that you are being charged incorrectly, you may ask for a premium audit. Be aware that if the insurance company finds a higher than expected payroll, your premiums may actually increase.

While workers compensation health insurance may seem expensive, the ability to compensate your employees protects you from expensive lawsuits. You will be able to greatly reduce your premiums by maintaining a safe workplace, however. This will involve training both yourself and employees to maintain high safety standards. Many businesses also reward employees or departments that are able to last a certain amount of time without an accident. You may be able to further lower your premiums by participating in an employer safety program or training course.

Some states (West Virginia, Ohio, North Dakota, Washington, and Wyoming) sell this coverage through state-run agencies. In other states, however, you can purchase insurance through one of many insurance carriers, including some well-known companies such as Liberty Mutual. A third group of states operates on a hybrid model in which you can choose to purchase from the state or an independent insurance carrier. Texas is in a category of its own and does not require workers compensation. However, if you choose to opt out of workers compensation and one of your employees is injured on the job, your business will be expected to pay for all required compensation. Think carefully before deciding to opt out.

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