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lady fallen at workWorkers compensation is a necessary type of business insurance that is required in nearly every state. If one of your employees is injured or becomes ill as a result of their job, this policy covers medical expenses, rehabilitation costs and even lost wages during recovery.

Why Does My Business Need Workers Compensation Insurance?

Most states require that all business owners carry workers compensation insurance. There are a few exceptions:

  • Self-employed individuals
  • Seasonal farming employees
  • Subcontractors (such as over the road truck drivers who do not work for a specific company)

Workers compensation insurance protects the business owner from being sued by the injured or ill worker. Accepting the insurance benefits essentially removes an employee’s right to sue, except in very rare special circumstances. Therefore, this coverage benefits both employers and employees in the event of injury.

When Should Workers Compensation be Purchased?

Workers compensation insurance should be purchased before you hire your first employee to ensure their protection once they are brought on board. However, business owners and partners may not be covered under workers compensation. For more information on coverage for owners and partners, ask your independent insurance agent about additional coverage options.

How Much Does Workers Compensation Insurance Cost?

The cost of workers compensation is determined using a comparable formula that calculates rates. These formulas account for multiple factors, including the classification risk of the business (the type of business and work that will be done by employees denotes a high, moderate or low risk for injury/illness.)

Call your agent to learn more about this coverage and get a quote today.

Protect your employees and your business. Call Buschbach Insurance Agency at (708) 423-2350 for more information on Oak Lawn business insurance.
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5615 West 95th Street •  Oak Lawn, IL 60453
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