Workers Compensation coverage is required by law in the United States for all employers. Coverage is also required for 1099 employees unless they can provide proof of having their own policy.
Workers’ Compensation Insurance
While required, Workers’ Comp limits chosen specific to your unique business are vital. Business owners often underestimate the types of claims that may be made.
Workers’ Compensation in practice
Workers Compensation insurance provides benefits to employees for work-related injuries. Employees who suffer a job-related injury are not able to sue employers with Workers Compensation insurance. In exchange, employers agree to provide benefits in the case of a job-related injury.
When an employee is unable to work under a Workers Compensation claim, the insurance provides medical care and a percentage of wages. Workers Comp coverage also provides benefits for the employee’s dependents if the employee dies while performing work-related tasks.
Your type of business dictates the insurance premiums you pay. For example, a construction company will pay higher premiums than a law office, since construction is a more dangerous occupation. Officers of a corporation and/or managing owners of an LLC can exclude themselves from coverage.
How Viti helps
Using our Viti Needs Assessment Funnel™ and Viti Solution Screen™, Viti Companies:
- Does a comprehensive risk analysis of your business
- Educates you on risk and business protection planning
- Uses expertise and technology to create your quotes
This process for our commercial clients takes 7-10 business days. Workers’ Compensation at the limits appropriate for you will be part of your recommended package.