What is Workers’ Compensation?

Workers Comp 
What is Workers’ Compensation?

Workers’ compensation is a type of insurance that protects employees who sustain work-related injuries and illnesses. Injured workers can receive workers’ compensation benefits to cover health care costs, lost wages, and resulting disability. 

Workers’ comp helps cover any expenses needed to help your employees recover from work-related injuries and illnesses, including: 

  • Health care and medical services for work-related injuries and illnesses
  • Lost wages if they need to take time off work
  • Disability benefits resulting from work accidents or illnesses
  • Death benefits (such as funeral expenses) if an employee loses their life due to a work accident or illness

Workplace Injury Costs

Traditional workers’ comp premiums are charged per year based on payroll estimates, often leading to inaccurate pricing and heavy upfront payments. 

Hourly makes workers’ comp more cost-effective with a pay-as-you-go model based on your actual payroll, not an estimate. Say buh-bye to over or underpaying for workers’ comp and those nasty audit bill surprises.

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The Benefits of Choosing Hourly For Your Workers’ Compensation Partner

  • Pay-as-you-go pricing: Skip upfront deposits and hold on to your cash with payments due each pay period, calculated from your actual payroll amount. 
  • Fast, easy payments: We’ve automated the entire payroll and billing cycle, so when you click the big blue button, we send out workers’ comp payments along with everything else.
  • A-rated insurance carriers: We partner with the best insurance providers to bring you affordable rates and an easier way to take care of your employees.
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Connect Your Employees with Top Medical Providers

Your employees deserve access to the best medical providers. With Hourly, excellent, affordable medical treatment is more doable than ever. 

Our insurance partners can offer referrals for the best health care providers in case of a work-related injury or illness, and our streamlined system ensures you’re always up to date on workers’ comp payments so your employees can quickly get the care they need.

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FAQs About Workers' Comp

How does workers’ compensation work?

In order to report a work-related illness or injury, you and your employee must file a workers’ compensation claim. Once your employee fills out the needed paperwork, you’ll file the claim with your insurance company. 

A claims adjuster will then review your claim and decide how much to give your employee for the illness or injury. Your employee may also be assigned a case manager to help guide them through the recovery process and returning to work.

Is workers' compensation required?

Most states require businesses to carry workers’ compensation insurance, though there may be different requirements depending on your type of work and number of employees. Federal employees receive coverage through the Department of Labor.

How do I get workers’ compensation coverage?

First, check the workers’ compensation laws in your state by visiting dol.gov. You can then buy a policy from a private insurance company or from your state fund, depending on your state’s requirements. Get a free quote from Hourly to see how much you can save with our pay-as-you-go workers’ comp.

The Best for Your Employees, the Best for Your Business 

Your employees deserve the best coverage, and Hourly makes it easy for you to give them just that. We use an affordable, pay-as-you-go workers’ compensation system in tandem with an automated payroll service, helping you conveniently pay and cover your employees without breaking the bank. 

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