Workers Compensation With Employers Liability Insurance
Workers compensation with employers liability insurance is a program that provides medical and disability care, rehabilitation costs, partial lost wages, survivor and burial benefits to employees if a team member is injured or killed due to a work-related accident or illness. Most states require businesses to purchase workers compensation coverage. When a company carries workers compensation coverage, it can also include employers liability insurance as a second part of the insurance policy. Risk management plans are designed to reduce a company’s overall workers compensation cost and avoid significant financial loss in the event of an employee injury or lawsuit. Workers compensation services can include:
- Alternative financing programs
- Captives
- Claims management
- Deductible plans (large and small)
- Guaranteed costs
- Incentive programs
- Loss prevention
- Nurse triage
- Onsite assessment of potential exposures to loss
- Retrospective rating
- Safety training
- Stewardship reports
Coverage
Workers compensation covers your team when they need medical assistance. Some examples of an incident that would be covered by this policy include:
- Back or neck pain caused by their job duties
- Carpal tunnel syndrome aggravated by their work
- Exposure to toxins
- Facility caused injuries (objects falling)
- Hearing loss from their work environment
- Physical injuries (falling or heavy lifting) while on the job
Employers liability insurance is the second portion of workers compensation coverage, which covers your business if an employee decides to sue your company for negligence and other instances not covered by workers compensation insurance. The risk of financial loss from accidents or court hearings is reduced as liability insurance can assist in paying attorney’s fees, court costs and settlements or judgments. Some examples of coverage include if an employee is injured while using a piece of equipment at the workplace. They may decide to sue the machinery manufacturer, who could in turn file a lawsuit against your business, known as a third party counter lawsuit. Employees can also claim loss of consortium, which is essentially any losses they experienced due to their sustained injuries. If an employer also manufactures a piece of machinery, then a dual capacity lawsuit may ensue because the employer may be liable as both employer and manufacturer.
Protect Your Business
Lawsuits and injuries can occur at any moment in the workplace. General workers compensation coverage can cover most aspects of your business, but ensuring that your coverage includes employers liability insurance will give a broader scope of coverage to protect in any instance of injury or lawsuit. In general, it is best to also implement workplace safety procedures and accident prevention plans to ensure your workplace environment is as safe as possible. At Gallant Risk & Insurance Services, we respond to workers compensation claims immediately. By managing incidents at the first notice, and continuing until they are closed, it mitigates the cost and size of each claim.
Frequently Asked Questions About Workers Compensation Insurance Coverage
Do independent or self-employed contractors need workers’ compensation insurance?
Independent contractors do not require workers’ compensation. However, in some cases, it might make sense for independent contractors to purchase a policy. As an independent contractor, you can purchase the policy to:
- Fulfill the terms of a contract – It is a requirement for some businesses that anyone working for them carries their own insurance policy. This helps protect these businesses in case the contractor is injured.
- Guard yourself against lost wages and medical bills – Even if your current health insurance policy covers most illnesses and injuries, it most likely will not cover any of those that happen at work. To protect themselves, many contractors purchase independent contractor workers’ compensation to cover medical bills for injuries at work.
How do you calculate workers’ compensation insurance online?
Your workers’ compensation rate is based on a percentage of your payroll. So, for a tip to figure out how much it will cost you per year, divide this year’s payroll by 100 and multiply it by your current rate.
(Total Annual Employee Payroll/100) x Workers Compensation Rate = Estimated Workers Compensation Insurance Cost
If you are unsure about the numbers, our team at Gallant Risk & Insurance Services, makes it easy to calculate your final workers’ compensation quote.
What happens if I need more workers’ compensation insurance later?
Hiring or firing employees means a change in your premiums. It is easy to add insurance, and an insurance agent can make changes to the coverage amount on your policy or provide help when you want to buy additional policies.
Can employees file a workers’ compensation claim for COVID-19?
Yes, but under specific terms. An employee can file for this type of claim if they contract the virus during the scope and course of employment.
Some cases where employers might be responsible include:
- An employee is exposed to the virus at work by an infected co-worker
- An employee travels abroad for business and contracts the virus
- The employee is assigned to work in an area with infected parties
However, with more people getting vaccinated, most work conditions in the U.S are considered low risk.
What is the cost of employers’ liability and workers’ compensation insurance?
The answer can be a bit vague until you involve your independent insurance agent. Premiums for both employers’ liability and workers’ compensation insurance are as different as the people and businesses getting them.
However, a few factors that go into determining the pricing include:
- State
- Loss history
- Industry
- Coverage
- Experience
Can I buy workers’ compensation insurance online?
Yes. And Gallant Risk & Insurance Services, is here to help every step of the way. Get a no-obligation quote by filling out our online form.
How quickly can I get workers’ compensation coverage with Gallant Risk & Insurance Services?
Our online workers’ comp coverage application takes just a few minutes. All you need to do is fill in basic info about your business, including the number of employees, where it is located, and an estimate of your annual payroll.
A licensed agent is also available to walk you through the entire process.