Workers Compensation Insurance

In many states, a majority of employers STILL operate without the required workers compensation insurance. And, most of those do not plan to purchase insurance. But, employers MUST have workers compensation insurance if their business meets the minimum requirements in their state of operation. It should be thought of as a non-negotiable business expense and not a “nice to have” line item.

Employees must be protected on the job from workplace injuries through safe work environments. When injury does occur on the job, employees must have safeguards against personal financial hardship. It’s the law for most businesses and a good idea for everyone else. And, if you’re concerned about fraud from lazy or disgruntled employees, don’t be. Less than 1{7321bd14b259fcf2621295902ea867e1193d482c35cb847d06f395fb5682e5c8} of workers compensation cases filed prove to be fraudulent.

If you do not yet have workers compensation insurance, there are many resources for you to get it quickly and easily. You can shop by phone, in person or online. The last of these is a great way to shop and buy insurance. There is no need to leave your office and you can get all the information you need immediately regarding your state’s regulations and rates. Insurers Web sites that specialize in workers compensation insurance will be well equipped to help you wade through all the complexities of your state’s laws to arrive at the most cost-effective plan.

Several factors may affect your rates including:

* Number of employees in your business

* Level of personal risk for jobs done

* State where you conduct business

Also good to note, if you’re paying more than $5,000 annually in workers compensation premiums, you should be getting a dividend back each year.