Workers Compensation

Workers’ compensation is one essential element of a business insurance policy. It serves two primary purposes. First, it helps ensure that injured workers get benefits when they have experienced a work-related injury or illness. Second, it may provide employers coverage for lawsuits filed by workers who suffered work-related injuries or illnesses. 

What Does Workers’ Compensation Insurance Cover? 

Workers’ compensation typically covers injuries that an employee sustains while performing tasks in the course and scope of their job. In addition to injuries from accidents, workers’ compensation insurance may also cover injuries sustained from workplace violence, terrorist attacks and natural disasters. It may also cover illnesses and occupational diseases contracted due to employment. 

How Much Workers’ Compensation Do I Need? 

Each state has its requirements for workers’ compensation. In North Carolina, businesses that regularly employ three or more employees generally must maintain workers’ compensation coverage. Other businesses in certain industries may also be required to maintain coverage even if they have fewer than three employees (e.g., businesses that involve the use or presence of radiation). Workers’ compensation insurance for injured workers in North Carolina typically cover the following: 

• Ongoing medical care for a workplace injury or illness

• Missed or reduced wages from a work-related injury or illness

• Funeral costs if any employee passes away due to a work-related injury or illness

• Disability benefits

How Much Is Workers’ Compensation for a Small Business? 

The cost of workers’ compensation varies from business to business based on several factors, including: 

• Payroll

• Location

• Number of employees

• Industry and job risk

• Coverage limits

• Claims history

When Do I Need Workers’ Compensation Insurance? 

You should generally get workers’ compensation insurance as soon as you’ve hired employees. Speaking with a qualified insurance provider is essential to ensure you have the proper coverage for every stage of business. 

Workers’ Compensation Insurance Cost in Dunn, NC 

If you want to learn more about workers' compensation insurance, contact Jones - Byrd Insurance Agency. We can help you get the coverage you need for every aspect of your business.