arizona workers compensation insurance

arizona workers compensation insurance

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Choosing to forgo workers’ comp coverage puts your company
high financial risk. Not only are you able to face a lawsuit for workplace accidents,
but you will probably be fined for breaking the law.

Remember, workers’ comp insurance protects not only your employees,
but your small business too. For example, if your insurance is compliant with
state law, an employee who receives benefits can’t sue you for their injuries
or lost wages.

The workers’ comp part of your policy. Employer’s liability insurance can also be contained in your coverage to cover court costs and legal fees in case you are involved in such a lawsuit.

How much does workers’ compensation insurance
cost?

In 2017, the national average monthly cost for workers’

Compensation insurance through the Progressive Advantage® Business Program was

  1. Remember, this is only an average. Your rate will be dependent on specific
    qualities of your company including your state, payroll and claims history. Workers’ Reparation
    Insurance protects your workers and your company from work-related
    accidents, illnesses, and even death. Nearly every state requires that
    employers have insurance to pay for medical costs and lost wages for employees that are hurt or become ill on the job. If you don’t carry workers’ settlement insurance, you might be responsible for those costs, and be subject to fines or
    penalties by the state.

Workplace injuries

Happen in the most secure of workspaces. Even if your employee has health
insurance, you are responsible for their medical costs should they suffer a
job-related injury or illness. Additionally, the employee is entitled to a
percentage of the regular salary during the time they are unable to work
because of their illness or injury. If you don’t have insurance, you will need to pay these costs out of
pocket.

Do you Need workers Comp Insurance?
Cost of Arizona workers compensation insurance can vary between insurance companies as they
compete for customers. Despite the variability, all insurance companies base
Workers’ Compensation premiums on the amount of payroll an employer has as well
as how dangerous the work is. Some larger employers will be impacted by their
past claims experience with premium credits for low claim experience and
increased premiums for those with more historical claims.

How to Get Workers’ Compensation Insurance

The cost of Workman’s
Comp insurance is calculated according to a rate charged per $100 of payroll. Charges
Vary by state in addition to based on the type of work employees are engaged in and
The businesses claims history. Though many business-specific components are
Factored into a real premium calculation, this simple formulation is the basis

for determining the cost workers’ compensation premiums.

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