What Is Workers' Comp?
Workers' compensation insurance, also known as workman's comp, provides benefits to employees who get injured or sick from a work-related cause.
Most states (like Georgia), requires any business that regularly employs three or more people to have workers’ compensation insurance.
“Regular” refers to any person who works for a business on a regular basis, even if it is part-time, regardless of an employee’s average weekly wage. Without coverage, your employees can sue you for a work-related injury or illness to help pay for their medical costs or lost wages.
What Does Workers' Comp Cover?
Workers' Comp Insurance can cover a range of scenarios, such as:
From on-site accidents to occupational illnesses, this insurance steps in to cover medical treatment, doctor visits, and rehabilitation costs.
In cases requiring rehabilitation or retraining for employees to return to work, this insurance supports the necessary programs
If an employee is unable to work due to a covered injury or illness, Workers' Comp Insurance provides partial wage replacement to ease the financial strain.
Who Needs Workers' Comp?
You don't have to be a multimillion dollar corporation to experience the benefits of having workers' comp policy. In fact, as long as you have at least one employee, then you need workers' comp insurance!
How Much Does A Workers' Comp Policy Cost?
Your workers' comp premium is calculated based on a few factors, including:
1. Industry Type: Different industries have different risks. If your business operates in a high-risk environment, such as construction or manufacturing, the cost might reflect that.
2. Payroll Size: The more employees you have, the higher the cost.
3. Work Environment: If your workplace is prone to accidents or exposes employees to specific risks, it can impact the cost.
4. Claims History: A history of frequent claims may lead to higher premiums. It's like a driving record affecting car insurance – past incidents matter.
5. State Regulations: Workers' Comp Insurance is subject to state regulations, and these regulations can affect the cost. If your business is operating in a state with higher regulations, you might pay more on average than someone in a more relaxed state.
Let The DDA help you insure your employees! Call us at 404-947-5010 or start the quoting process yourself by clicking the link below!