You might wonder where you can get workers’ compensation insurance. This type of coverage which protects your business and your employees if one of your employees gets hurt at work, is dependent on several factors, including your company’s physical location, the number of employees, the type of employee, and the effects of the injury on your business.
Workers’ compensation insurance is required in most states. It’s important to check the workers’ compensation laws in your state since they vary from one state to state. Depending on your state, you can obtain workers’ compensation coverage from the following providers:
Private workers’ compensation insurance companies
You might find better rates and customer service when you go with a private insurer rather than a state-run one. But the state regulates private insurers, which set their prices and decide whether to take on new clients.
State-funded workers’ compensation insurance
In the event you are unable to find coverage through a private carrier, state-funded programs may be able to help.
Competitive state-funded workers’ comp
State programs compete with private insurers in your state because it offers coverage through both a private insurer and a state program.
Monopolistic state-funded workers’ comp
For businesses in North Dakota, Ohio, Washington, and Wyoming, coverage is provided by their state.
California, New York, and Texas, among others, allow private insurance companies and the state-funded program to provide workers’ compensation coverage.
Self-funded insurance is offered in many states, which means that you as a business owner are responsible for all workplace injuries and you pay for them out of pocket.
Before selecting an insurance provider, consider the following questions:
- What would you prefer, getting a quote online, contacting over the phone, or visiting a physical store?
- Are you looking for a company that offers small-business insurance or one that also ensures large companies?
- How important do you consider competitive pricing, customer service, and insurance rating?
- Do you prefer to have an expert walk you through the process or do you prefer to do your research?
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