What is the average cost of workers compensation insurance? Workers Compensation insurance premiums are based off the total payroll for the employees of a business. Typically, the employees are grouped into each of their own respective class codes which represent the type of work they perform. A clerical office employee will have a lower rate for their Workers Comp class code than a riskier type of job where the employee is more apt to get hurt while working. Higher rates for workers comp are often found in the construction, transportation, and even manufacturing industries.
If you're looking for information on pay as you go workers compensation search our dedicated paygo workers comp page.
Below you'll learn about the average cost of workers compensation insurance throughout the country, requirements by state, and what Workers Compensation insurance coverage actually provides.
Over the past 5 years of all clients surveyed, as of 2015, the average cost of workers compensation insurance for employers with less than 20 employees has been $1,942 annually, but keep in mind that most businesses surveyed only had 1 or 2 employees, which brings the average cost down.
Most states require that an employer has Workers Comp in place for their employees. Workers Comp covers the medical and lost wage costs (similar to disability) when an employee suffers a work-related injury or illness. Each state has a different law for workers compensation insurance. To find out if you are require to have workers compensation insurance in your state, click here and then click on your state. There is also another part of Workers Comp that doesn't come up often in discussion which is Employers Liability Insurance. Workers Comp does not cover all the bodily and financial injuries that may occur therefore Employers Liability Insurance was made to protect employers and employees from incidents that may not be covered by Workers Comp. To learn more about Employers Liability Insurance, click here.
Pay as you go workers compensation is an alternative billing method to the traditional billing for workers compensation insurance which involves making annual payroll estimates. With paygo WC, workers compensation premium is calculated based on the payroll reported each pay period as opposed to using estimates.
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