Workers’ comp covers the cost of medical treatment and lost wages for injured workers. While traditional workers’ comp pricing is charged annually based on your estimated payroll, Hourly offers a pay-as-you-go model based on your actual, real-time payroll numbers. It’s how we make workers’ comp costs more affordable for small businesses like yours.
When it comes to traditional workers’ comp, insurance companies price based on four main factors:
Hourly offers more affordable workers’ comp coverage. Instead of pricing by estimated payroll and charging you upfront, we price based on your actual payroll numbers. Hourly’s cost-effective model can help you:
Workers’ comp covers health care, medical bills, and other expenses related to workplace injuries and illnesses. Employees who sustain injuries or illnesses as a direct result of their work can receive workers’ comp benefits like:
Employee injuries covered by workers’ comp may include:
While workers’ compensation laws vary by state, self-employed individuals, independent contractors, and subcontractors typically don’t need a workers’ comp policy. However, some sole proprietors and independent contractors choose to purchase workers’ comp as a safety measure so they can receive compensation for any work-related injuries or illnesses.
Most states require every business with at least one employee to pay for workers’ comp coverage (though it may vary based on your number of employees), and you’ll likely face fines if you don’t have a workers’ comp policy in place. For example, in California, you can be fined up to $100,000. Check your state requirements for more information.
You can typically purchase a workers’ comp insurance policy through an insurance company—unless you live in Ohio, Wyoming, Washington, or North Dakota—which require you to buy workers’ comp directly from the state.
While workers’ comp covers your employees, liability insurance covers your customers. For example, if an employee falls down on the job and injures himself, workers’ comp would cover any resulting medical expenses. On the other hand, if a customer visiting your store falls and injures himself, then sues your company for resulting medical expenses, liability insurance would cover that. It’s important to realize that your workers’ compensation policy does not give you liability insurance or business insurance.
Protect your employees and your business with affordably priced, A-rated workers’ compensation coverage. Hourly can help improve your business’s cash flow, lower your audit fees, and free up your time at work. Contact us today for a free workers’ compensation insurance quote.
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