Protecting both employees and employers requires workers’ compensation insurance. An in-depth discussion of the principles of workers’ compensation insurance, its importance for businesses, and an examination of the variables affecting the cost of coverage are all covered in this extensive article.
What is Workers’ Compensation Insurance?
Employees who sustain work-related illnesses or injuries are covered by workers’ compensation insurance, which is a specific type of insurance that pays for medical costs, salary replacement, rehabilitation, and disability benefits. It acts as a safety net, making sure that workers get the assistance they need in the event of accidents or medical issues occurring at work.
Do I Need Workers' Compensation Insurance?
Every state has a different requirement for workers’ compensation insurance, and this requirement is frequently based on the number of employees a company has. In many states, employers are required to carry workers’ compensation insurance, while in other states, there are minimum requirements based on the number of employees. Workers’ compensation insurance is crucial for businesses regardless of regulatory requirements because it shields them from potential lawsuits resulting from workplace injuries. It gives workers a financial safety net and aids companies in upholding their responsibility of care to their staff.
How Much Does Workers' Compensation Insurance Cost?
Varies by claims history, and by state, generally, workers’ compensation insurance costs 8% of the wage for a truck driver, with office employees being significantly less because the risk is less. If you pay per diem, it won’t be subject to workers comp, so instead of paying 8% of the wage for the insurance, it would be reduced to about 5% of the wage.
Do We Offer Workers’ Compensation?
We are not licensed to sell insurance, however, we work with a variety of insurance providers. One of which offers a weekly ‘pay as you go’ plan, which is beneficial for a lot of companies because the employer doesn’t have to put a 25% deposit down upfront. Check out E-COMP Now an see how they can help you.
We also have a page that has good people that you should know if you are in the trucking business. The link is here. If you have any more questions, reach out to us!
Tessa joined Superior Trucking Payroll Service in September 2022. She loves to write and make videos which made her a great asset to the team in her marketing position.
Before working at Superior Trucking Payroll Service she worked in IT at GVSU which gave her the skills to problem-solve with customers over the phone.