Workers Compensation in Cedar Rapids and Iowa City, IA
As a business, one of your top priorities should be the health and wellness of your employees. Although safety measures in the workplace are essential for taking care of your workforce, even the most robust precautions cannot eliminate risks and hazards entirely. With that in mind, your business must have adequate workers’ compensation insurance.
What Is Workers’ Compensation Insurance?
A suitable workers’ compensation insurance policy is crucial to a business’s insurance portfolio. Without coverage, your business could be saddled with paying for significant expenses and damages out of pocket. Even a single incident could have irreparable ramifications for your finances and future. Furthermore, workers’ compensation insurance is required by law for most employers in Iowa, although business owners that do not have employees are not included in these requirements. Still, these sole proprietors can elect coverage that expressly covers themselves.
What Does Workers’ Compensation Insurance Cover?
Workers’ compensation insurance protects both your business and its employees. In most cases, your coverage can provide financial assistance for the following:
- Medical care—If an employee’s work-related illness or injury requires medical treatment, workers’ compensation can help pay for costs.
- Lost wages—If a workplace illness or injury affects an employee’s ability to perform their regular duties, your insurance may reimburse them for any lost or reduced wages.
- Disability benefits—If an incident results in an employee developing a disability, your coverage can help pay for disability benefits.
- Death benefits—If an employee dies due to a workplace illness or injury, workers’ compensation insurance may be able to provide financial aid to their family, such as for funeral expenses or to make up for lost income.
- Legal expenses—If an employee’s work-related illness or injury leads to your business being sued, your coverage can help pay for various costs, including representation and settlements.
How Much Does Workers’ Compensation Cost?
Premiums for adequate workers’ compensation insurance may vary significantly among businesses. Providers must take the time to assess your company’s unique circumstances before being able to quote you a price. In general, the following factors are considered:
- Total payroll
- Claims history
Get the Right Coverage
After a workplace incident, it’s critical for your business to have the means to care for affected employees and manage the ensuing financial ramifications. Without a workers’ compensation policy, workers in dire need may not be able to receive the care they need, and your business could be financially ruined. Furthermore, adequate insurance will help employees feel safe on the job knowing they will have access to critical aid if their health is threatened.
For nearly 60 years, Skogman Insurance has served individuals, families and businesses in Cedar Rapids, Iowa City and the surrounding area. Our agents have the expertise and experience to help your business understand the importance of workers’ compensation insurance and will work with you to build an optimal policy for your specific situation. Contact us today to get started.