InsuranceTrak’s “Pay-as-you-go” workers’ comp insurance can easily fit into your business model
Definition of Workers’ Compensation Insurance
Most states mandate workers’ comp insurance when you have W2 employees. A number of insurance carriers, depending on the situation, may require that you also cover your 1099 contractors. This applies to traditional businesses as well as to IT or technology businesses. Workers’ Comp insurance covers your employees’ medical expenses resulting from injuries received while in the course of their employment along with lost wages while out of work due to a workplace injury. In a number of states, owners, partners and officers are able to decline to participate in their companies’ workers’ comp plan, but can also opt to be included for an additional premium.
Your primary Workers Comp coverage for medical costs and lost wages is typically uncapped. The secondary part of Workers Comp that is often overlooked is capped with varying limits of liability and is called Employers Liability.
Employers Liability coverage: This coverage is included in workers comp policies and protects your company in the event that an employee claims that their injury or illness was caused by your company’s negligence or failure to provide a safe work environment.
Are you required to show proof of workers compensation insurance for a contract? If you are, the proof will come in the form of a certificate, and the specific requirements for how much Workers Comp coverage you need to show on your certificate will be in the form of Employers Liability coverage.
Employer’s Liability coverage may be described in your contract in this way: Workers’ Compensation and Employer’s Liability Insurance shall be provided as required by law or regulation (statutory requirements). Employer’s Liability insurance shall be provided in amounts not less than $1,000,000 per accident for bodily injury by accident; $1,000,000 policy limit by disease; and $1,000,000 per employee for bodily injury by disease.
Workers’ Compensation Rules and Regulations Vary by State
Below you can scroll to your state and access state-specific information addressing each state’s workers' comp rules and requirements.
The coverage experts at InsuranceTrak can help you shop for the best Workers Compensation insurance coverage when crafting your technology insurance plan. The other common types of business insurance for technology companies are listed below:
Search and select your state below to see specific information by state and then an overall guide to car insurance.
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