Purchasing a California workers compensation policy can be confusing – the number one request that carriers and agents get from small business owners is to make the buying experience more understandable. Workers’ comp laws vary from state to state, so many business owners have questions about if they need it, what it covers, and how much it will cost. The Hartford Insurance Company has introduced a Workers’ Comp e-Learning Guide on their website that will help you prepare a checklist of questions you’ll need to discuss with your agent before buying a policy. We’ve highlighted snapshots from the tool below and encourage you to visit their website to try the interactive guide.
What is workers’ comp insurance?
It’s “on-the-job” insurance for injured workers. Workers’ comp provides benefits to your employees for work-related injuries or illnesses. This includes reasonable expenses for necessary medical care, wages from lost work time, disability benefits and survivor or death benefits.
I have health insurance for my employees – isn’t that enough?
Health insurance is not a substitute. When one of your employees gets hurt on the job or has a work-related illness, only workers’ comp will cover them. Health insurnace won’t even consider the expenses, like your employee’s pay or medical deductibles.
How much is this going to cost me?
California workers compensation rates are based on three key factors. It depends on the business you’re in, your workers’ comp track record and how that compares to other companies in the same business, and finally, it depends on how much you pay your people.
Your workers’ comp policy doesn’t just protect your employees – it provides coverage for your business as well. If you were to be sued by an employee and your business loses earnings, workers’ comp may be able to reimburse you for that expense. Check out the WC e-Learning Guide and speak with your agent to make sure that your valuable business is protected.
The Hartford’s Workers’ Compensation e-Learning Guide