Worker's Compensation Insurance

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Worker's Compensation Insurance Basics

Definition of Worker's Compensation Insurance

Worker's compensation insurance is a type of insurance that provides benefits to employees who suffer job-related injuries or illnesses. It typically covers medical expenses, lost wages, rehabilitation, and death benefits. This insurance is mandatory in most states, and it helps protect both employees and employers by providing financial support to injured workers and protecting employers from costly lawsuits related to workplace injuries.

Worker's Comp Insurance Example

John is a construction worker who is injured on the job when he falls from a scaffold. He is rushed to the hospital, where he undergoes surgery to repair a broken leg. He is unable to return to work for several months while he recovers and undergoes physical therapy. John's employer has worker's compensation insurance, and John files a claim to receive benefits.

The insurance company reviews John's claim and approves his medical expenses, including hospital bills, surgery costs, and rehabilitation expenses. They also provide John with a portion of his lost wages while he is unable to work. Once John has recovered and is able to return to work, he provides the insurance company with a medical release form from his doctor. The insurance company then closes the claim and stops providing benefits.

In this example, worker's compensation insurance provides John with financial support and medical care while he recovers from his injury, and it protects his employer from legal action related to the workplace accident.

Rogue Risk Worker's Comp Insurance

At Rogue Risk, we help you “Win” the worker’s comp insurance game by focusing not just on the cost of insurance premiums but your Total Cost of Risk.

Our proprietary process, RogueRisk365®, allows your business to cut costs and free up cash flow while maintaining the insurance coverages you need to sustain your business.

In most states, workers’ compensation insurance is mandatory coverage when you have employees in order to operate your business.

Because of this, worker’s comp is glossed over by business owners and insurance agents alike, creating errors in coverage and overcharges in premiums.

That is not how we handle worker’s compensation insurance at Rogue Risk.

Through a simple Experience Mod Audit and Review, we find errors in more than 83% of cases leading to an average savings of over 27% year-over-year.

Worker’s comp is not set-it-and-forget-it. There are massive savings inside your worker’s comp policy right now. Get a quote today, and let us show you.

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Frequently Asked Questions About Worker's Comp Insurance

Workers' compensation insurance is a type of insurance that provides financial and medical benefits to employees who are injured or become ill due to their job.

Below is a list of frequently asked questions about worker's compensation insurance we commonly receive from our clients.

What is workers’ compensation insurance?
Workers’ compensation insurance, also known as workman’s comp or workers’ comp, gives your employees benefits if they get a work-related injury or illness. These benefits can help:
  • Cover their medical care
  • Replace most of their lost wages if they take time to recover
  • Provide disability benefits
  • Pay for their funeral if they lose their life
Workers’ comp also has benefits for you, as a small business owner. If your injured employee or their family sues your business, it can help cover your legal costs.
How does workers’ compensation insurance work?
If one of your employees gets a work-related injury or illness, our workers' comp insurance can help them at every step of their recovery. We’ve designed programs to support small businesses. We’re here to help promote your employees’ safety and well-being, and to get your injured employees back to work as soon as possible.
On top of helping cover their treatment, our workers' comp insurance can also help pay to train your employees for new roles if they can’t return to their old ones. And, if they can't return to work at all, workers' comp can provide long-term disability benefits.
How much does worker's comp cost?
Insurance companies use a number of different factors to come up with your workers’ compensation insurance cost, such as your:
  • Payroll
  • Industry
  • Employees' type of work
  • Claims history
Every small business is unique. So your workers' comp cost will most likely be different than other companies.
Where do I get workers’ comp insurance?
In most states, workers’ compensation insurance is required. It’s a good idea to check your state workers’ compensation laws because they vary across the country. Each state determines what kinds of businesses need to carry coverage and describes where you can get workers’ comp.
Depending on your state, you can get this insurance from:
Private workers’ compensation insurance companies: States regulate private insurers, but these companies set their own prices and approve or reject customers. You may get better rates and customer service with a private company compared to a state offering.
State-funded workers’ compensation insurance: If you can’t get coverage from a private carrier, state-funded programs can help ensure your employees have coverage.
Competitive state-funded workers’ comp: This means your state offers coverage from a private carrier and a state program. Your state competes with private insurers for customers.
Monopolistic state-funded workers’ comp: Businesses in North Dakota, Ohio, Washington or Wyoming have to get coverage through their state-funded program.
How are workers' comp rates calculated?
Insurance companies calculate your workers compensation insurance rate by looking at several factors:
Worker classification codes: Also known as class codes, these are assigned by the National Council on Compensation Insurance (NCCI) or your state. Each type of employee gets a unique code based on the type of work they do.
Payroll: As a business owner, you’ll need a certain amount of workers’ comp insurance based on every $100 of payroll.
Experience modification number: This number takes into account your business’ experience and loss history. The safer your business, the lower your experience modification number. These numbers are subject to state requirements and not every policy may have one.
Why do I need workers' compensation insurance?

As an employer, it is your legal responsibility to provide a safe working environment for your employees. However, accidents can still happen, and employees can still become injured or ill due to their job. Workers' compensation insurance helps to cover the cost of medical treatment and lost wages for employees who are injured or become ill on the job. It also provides financial protection for employers whom employees may sue for work-related injuries or illnesses.

How do I choose the right workers' compensation insurance policy?

When choosing a workers' compensation insurance policy, it's important to consider the specific needs of your business. This may include the type of work your employees do, the size of your business, and the number of employees you have. It's also important to consider the coverage limits and exclusions of each policy, as well as the reputation and financial stability of the insurance provider.

Read Next: What Is The Best Workers Comp Insurance Company?

Understanding Workers' Compensation Insurance

Protect your employees and business with a comprehensive workers' compensation insurance policy. Learn more about coverage options and how to choose the right policy for your needs.

Workers' compensation insurance is an essential investment for any business.

It provides financial and medical benefits to injured employees or become ill due to their job. It also offers financial protection for employers whom employees may sue for work-related injuries or illnesses.

By understanding the coverage options and how to choose the right policy for your needs, you can ensure that you and your employees are protected.

Workers Comp Insurance Carriers

We are very selective in the worker’s comp insurance carriers we choose to partner with at Rogue Risk. Not all worker’s comp carriers were created equal. Our clients are placed with only the best workers comp insurance companies, that show up when there is a claim. Here are a few of the partner carriers we choose to place our clients with…

Employers insurance
Hartford workers comp insurance
Chubb workers comp
Pie workers comp insurance
Guard insurance

We built an entirely new insurance process tailored to
the unique needs of your company.

The Fastest Way To Get Business Insurance.

Researching and comparing business insurance takes weeks. With Rogue Risk, you enter basic information about your business and get a custom quote in 12 minutes. 

Cash Flow Friendly And Affordable Business Insurance.

You’ve got to make payroll and keep your business protected. Pay for the coverage you need monthly with a credit card. We recommend Pay-As-You-Go workers comp polices to all our clients.

Insurance Tailored To Your Company’s Risks.

We use over 15 years of industry experience and machine learning to recommend and explain which policies and limits best suit your company. You save time and won’t pay for insurance you don’t need.

Top-Rated Carriers That Cover Businesses Like Yours.

Business insurance quotes are complex. Comparing coverage and limits is a time suck. Our smart application shops 15+ carriers for you. You’re matched with the right policies from the right carriers in 12 minutes.

Workers Comp Articles