Every small business with employees needs to have workers compensation insurance in PA. This insurance is essential to protect both the company and its employees. For this reason, the state requires businesses to have workers compensation insurance.
Injuries on the job create added costs for employees and businesses. Fortunately, this coverage will pay for the following:
- Medical expenses
- Rehabilitation costs
- Death benefits
- Lost wages from missing work
- Permanent disability costs
Therefore, having workers compensation insurance in PA dramatically lowers the risk associated with job related injuries. Companies do not have to worry about covering these expenses out of pocket, and they also avoid expensive lawsuits.
The cost of a policy will vary depending on the needs of the business. Most insurance companies use payroll numbers as a guideline to set rates. In addition, every job function is also given a risk classification that is determined by the following:
- How often injuries occur
- How severe the injuries are
The price of the policy can increase or decrease depending on the safety history of the business, whether or not health insurance is provided to employees, and other factors.
For more information on workers compensation insurance, contact an agent today. He or she can evaluate your small business and suggest plans that will fit your needs.