If your business has employees, you probably need workers’ compensation insurance. A workers’ compensation policy is a type of business insurance that can help pay for medical costs, disability benefits and wage loss if your workers suffer work-related injuries or illnesses. Contact BIA & Company in Coral Gables, Florida, to learn more about workers’ compensation coverage.  

When Do I Need Workers’ Compensation Insurance? 
In most states, workers’ compensation insurance is typically required for all businesses with employees. However, state requirements may vary depending on your specific business’s attributes, such as your industry, the number of workers you employ and your payroll. Speak with your insurance agent or contact BIA & Company to learn if your business needs workers’ compensation coverage. 

How Much Workers’ Compensation Insurance Do I Need? 
Several factors affect the amount of workers’ compensation coverage you need. When selecting your policy details, it is essential to consider your industry and any industry-related risks, state requirements for your business and the number of people you employ. An experienced agent is crucial to finding the right coverage for your business.  

What Does Workers’ Compensation Insurance Cover? 
Although individual policies may vary, a workers’ compensation policy generally includes the following coverages: 

• Medical benefits—If a work-related accident or injury requires medical care, this can help pay for your employee’s medical bills.
• Disability benefits—If an employee develops a permanent disability following a workplace incident, this can help provide disability benefits.
• Wage-loss benefits—If a workplace accident or injury negatively impacts your employee’s ability to do their work duties at full capacity, this can help pay for their lost or reduced wages.
• Death benefits—If a workplace injury or accident results in an employee’s death this can help cover funeral expenses and other related costs.
• Workers’ compensation insurance, also called workers’ comp, can also help cover legal expenses, such as legal fees and settlement costs if your business is sued over a workplace accident or injury. 

How Much Does Worker’s Compensation Cost for Small Businesses? 
When determining the cost of your workers’ compensation premiums, your insurance company will likely consider numerous factors. For example, your payroll, your business’s location and the number of people you employ may all impact your insurance rates. 

Here are some additional factors which could affect the cost of your coverage: 

• Workers’ compensation class codes for your employees—The National Council on Compensation Insurance and state officials assign these numbers to all employees based on their job-related duties.
• Your business’s experience modification number—This is used to help predict your future risk levels by analyzing your business’s incident history. 

Contact BIA & Company for a free workers’ compensation insurance quote. 

How Do I Buy Workers’ Compensation Insurance? 
Our agents will work with you to help you find the best workers’ compensation coverage for your needs. Contact BIA & Company to learn more about our workers’ compensation insurance policies.