Protect Your Employees with Workers Compensation Insurance
Did you know? The Minnesota Workers’ Compensation Law requires all employers to purchase workers’ compensation insurance or become self-insured. Often called mandatory coverage, these are policies that pay your workers when they get injured on the job. Workers’ comp insurance can also help reduce your liability as an employer.
You can get an affordable workers’ comp policy from us very quickly. We make the process simple and easy.
Workers’ compensation insurance covers your employees for illnesses and injuries sustained in the course of employment, including:
- Medical bills
- Disability payments
- Partial missed wages
- Rehab and recovery expenses
- Funeral costs and survivor benefits
It also covers your legal defense fees and settlements if an injured employee sues you for a WC-ineligible workplace injury.
Note: Workers’ comp insurance doesn’t cover every workplace injury. If the injury was self-inflicted, related to a felony, or originated outside the workplace, coverage may be denied.
How Is the Cost Determined?
Prices will vary. Your rate for workers’ compensation insurance is calculated (mainly) based on the size of your payroll. The smaller your payroll, the less you’ll pay for your policy.
Your industry and business location are other factors that impact your insurance rate.
However, no matter what you pay, it’s cheaper than going uninsured! The National Safety Council reports that the average cost of a workers’ compensation claim is $40,000.
What Is a Work-Related Injury?
This can be any condition that’s caused, worsened, or expedited by the employment activities. Work-related injuries include repetitive type impairments, traumatic injuries, occupational diseases, and qualifying mental injuries like PTSD.
The worker only needs to demonstrate that the employment activities were a major contributing factor for needing medical care or causing the disability.
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Do Self-Employed or Independent Contractors Need Workers Compensation?
It depends on your location and other variables. In general, if you employ others to run your small business — even if it’s only part-time — you likely need workers’ compensation insurance. This concept applies whether your business is an LLC, partnership, sole proprietorship, or corporation. If you do everything on your own, you probably don’t need workers’ comp.
Workers Comp: What Else You Should Know
Workers’ comp is a “no-fault system.” So, the employee doesn’t need to prove negligence on the employer’s part to establish liability. Plus, the employer can’t use negligence on the employee’s part as a defense to a claim.