What Is an ACORD Certificate of Insurance?
An ACORD Certificate of Insurance (COI) is an official document that outlines key
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Workers’ compensation insurance (also known as workers’ comp) is designed to help businesses cover the cost of employees’ medical expenses and lost wages for work-related injuries, illnesses, and deaths. With more than a decade of experience, Insurance Canopy is a trusted source for businesses of all sizes to get the employee coverage they need.
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Regardless of size or industry, any business that hires employees needs workers’ comp insurance. Workers’ compensation insurance may be required by the state your business is located in or by a contract for work or partnership. If something were to happen to one of your employees because of their job, you have to be ready to cover those costs.
Let’s say you’re a manufacturing company and one of your employees has an allergic reaction to the fumes they are exposed to on the production floor. They had to be rushed to the hospital and miss a week of work. Workers’ comp can help you pay for those expenses.
In another example, let’s say someone broke into your store and an employee was harmed during an altercation. The employee later decides to sue you stating you did not provide a better security system and adequate safety training. Having workers’ comp insurance could help you hire an attorney, pay court costs, and cover settlements or judgements.
Workers’ comp insurance is priced individually based on a few factors unique to your business, so there is not one set price. To calculate your costs, Insurance Canopy will look at:
For example, a small accounting firm in Idaho would expect to pay less than a construction company in California. This is because someone working a desk job is less likely to get hurt than a construction worker. Lower risks may generally mean lower insurance rates.
Your business will be the one who pays workers’ compensation insurance premiums. You then may use this coverage to help you cover medical bills, legal fees, lost wages, or funeral costs for your employees.
Workers’ comp may help your business pay for expenses related to an employee’s illness, injury, or death; such as:
The most common injuries workers’ compensation insurance covers are sprains and strains from heavy lifting, with health care, retail, and manufacturing businesses seeing the highest number of work-related injuries.
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Alana WyldWorkers’ compensation insurance is not part of a basic liability plan or Businessowners Policy (BOP), so you will need a separate insurance policy.
You can apply for workers’ comp coverage with Insurance Canopy today. It doesn’t take long to submit an application, just click the link below to get started. A licensed agent will be in touch within 24 hours with a customized insurance quote.
No, workers’ comp is not the same as general liability insurance. Workers’ compensation insurance applies to first-party claims, such as an employee getting hurt on the job, whereas general liability applies to third-party claims, such as a customer getting hurt on your property.
You can help lower the risk of employee injuries or illnesses by taking preventive safety measures—such as giving access to protective equipment, fire extinguishers, and exit plans. You can also make sure your employees are properly trained or certified, and have regular safety training.
An ACORD Certificate of Insurance (COI) is an official document that outlines key
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All policies have conditions, limitations and exclusions, please read the policy for exact verbiage.
Claim scenario circumstances vary in nature and similar claims do not guarantee coverage.
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