The safety and wellness of your employees should always be a top priority. Even when a company performs its due diligence and takes proper precautions, it may be difficult to eliminate certain risks and hazards completely. Your business may be held financially responsible if an employee develops a work-related illness or is injured on the job. 

Fortunately, workers’ compensation insurance provides ample protection for policyholders. Since 1897, the agents at FSB Insurance have been helping businesses in Jackson, Murfreesboro and much of Tennessee add suitable workers’ compensation coverage to their insurance portfolios. 

What Does Workers’ Compensation Insurance Cover? 

Employee work-related illnesses and injuries are among the most serious matters your company may have to deal with. Workers’ compensation insurance can help with expenses to assist your company in managing and providing aid to your employee, including: 

• Medical costs—If medical care is required due to a work-related injury or illness, your policy can help cover treatment and rehabilitation.

• Lost wages—If an employee’s condition forces them to miss work, workers’ compensation may help recoup their missing income.

• Disability benefits—If an employee is temporarily or permanently disabled, your policy may be able to help with benefit costs and settlements.

• Death/Dependent Benefits—If an incident or illness results in an employee’s death, workers’ compensation may provide aid to their family for funeral expenses or lost income.

• Legal costs—If your business is sued for a work-related illness or injury, this coverage can help pay for court and legal fees.

How Much Does Workers’ Compensation Cost? 

The cost of workers’ compensation policies can vary greatly. Our agents will consider several factors before presenting you with a quote, including: 

• Workers’ compensation class codes—Either the National Council on Compensation Insurance or state officials will assign a workers’ compensation class code to each employee based on their job and subsequent level of risk.

• Workforce and payroll—In most cases, the more workers you employ, the more you can expect to pay for coverage because the amount of coverage your business requires will increase based on your total payroll.

• Experience modification rates—Providers will determine this number based on your company’s history, including past injuries and damages and perceived future risk levels.

• Location—Because workers’ compensation requirements and regulations vary significantly across state boundaries, the cost of coverage can also change drastically.

Get the Right Coverage 

Workers’ compensation insurance is a critical type of coverage for many businesses. In addition to providing a financial security net for your company, it may also be integral to helping your employees recover from accidents or illnesses. 

The experts at FSB Insurance are ready to help you protect both your workers and finances. Contact us today to get started.