Workers Compensation

Workers’ compensation insurance helps protect employers from lawsuits if an employee is injured or becomes ill in a work-related incident. It also helps provide financial protection for employees who need medical care or must take time off of work to recuperate after a covered incident.

What Does Workers Compensation Cover?

If a covered employee suffers a work-related injury or illness, workers’ compensation insurance helps provide the following coverage:

·        Liability coverage

·        Medical care and medical treatment

·        Death benefits

·        Disability benefits

·        Lost wages for time off

·        Rehabilitation or retraining benefits

Your worker’s compensation coverage may provide additional benefits. This list is not all-inclusive. Talk with your agent to understand the specifics of your company’s workers’ compensation policy.

Why Have Workers Compensation Insurance?

Without workers’ compensation insurance coverage, your business could face financial losses if one of your employees becomes ill or is injured in a work-related accident. Your agent can help determine whether workers’ compensation insurance is appropriate for your organization.

Do I Need Workers Compensation Insurance?

Depending on the laws in your state, you may be required to provide workers’ compensation insurance coverage. Michigan businesses must carry workers’ compensation insurance if they have three or more employees or if one employee works more than 35 hours per week for more than 13 weeks. These rules apply to public and private Michigan employers.

There are some exceptions to workers’ compensation insurance requirements in Michigan, including:

·        Family members working for a relative

·        Independent contractors hired by a business

·        Sole proprietors who are self-employed

·        Domestic workers

·        Partners and officers of a corporation or partnership

Laws are subject to change, so be sure to check with your insurance agent for an up-to-date overview of Michigan’s workers’ compensation coverage requirements.

How Much Is Workers Compensation Insurance for a Small Business?

Worker’s compensation insurance premiums vary depending on several factors, including:

·        The type of work your employees typically perform

·        Your company’s location

·        Your industry and common risks

·        Your payroll

·        The number of workers you employ

·        Your claims history

Your agent can help you evaluate your options, get quotes and find the best combination of workers’ compensation coverage and price for your company.

How To Get Workers Compensation Insurance

Contact L Squared Insurance in Grand Rapids, Michigan, today to learn more about whether you must carry workers’ compensation insurance. Our agents can help you understand your options and get a quote.