Workers Compensation in Ballston Spa, NY & Saratoga Springs, NY
Keep Your Employees Protected.
All employers must value their employees’ health and safety. Taking proper precautions to keep the workplace as safe as possible is a good start, but unfortunately, additional measures may also be necessary. Even the most safety-conscious companies may have to manage work-related injuries or illnesses. If a worker develops an illness or is injured on the job, the consequences for both their health and your business’s finances can be devastating.
With such concerns in mind, all employers must understand the importance of an adequate workers’ compensation policy. The agents at Commercial Coverage Inc. are prepared to help businesses in the Ballston Spa area assess their insurance needs.
What Does Workers’ Compensation Insurance Cover?
Workers’ compensation coverage not only provides critical protection for you and your employees, but it is also legally required in most cases. Most policies will provide financial assistance for the following expenses:
- Medical treatment—If a work-related illness or injury requires medical attention, workers’ compensation can help cover the resulting costs.
- Lost income—If an incident forces an employee to miss work or limits their ability to conduct their duties, your policy may help them recoup their misplaced earnings.
- Disability benefits—If an incident results in an employee having a permanent disability, your coverage can help pay for benefits and settlements.
- Death/dependent benefits—If a work-related illness or incident leads to an employee’s death, your policy can render assistance to their family for burial expenses and lost income.
How Much Does Workers’ Compensation Cost?
- Legal costs—If an incident results in a lawsuit being filed against your company, workers’ compensation may be able to help you afford court and legal fees.
Like many types of insurance, the cost of workers’ compensation coverage may vary significantly based on several factors. Before being able to present you with a quote, providers will usually consider the following criteria of your business:
- Location—Workers’ compensation requirements may change depending on the state(s) in which your business operates.
- Workers’ compensation class code—Depending on their tasks and responsibilities, employees will be assigned a code. These classifications measure potential risk levels. Businesses with many high-risk class code employees can generally expect higher premiums.
- Experience modification rates—This figure measures how risky providers consider your business by considering past incidents and future risk levels. In general, an experience modification rate (EMR) of 1.0 represents the average risk in your industry. An EMR below 1.0 could mean lower premiums while a rate above 1.0 could result in higher prices.
- Number of employees and total payroll—In general, employers with more workers can expect to pay more for coverage. This is because the amount of coverage your business requires increases based on the total payroll of your workforce.
Get the Right Coverage
The health and wellness of your employees should be a top priority. These efforts should include not only precautions to keep the workplace safe but also arrangements to manage the aftermath of an incident. Workers’ compensation insurance is critical to help both your company and affected employees recover.
The insurance experts at Commercial Coverage have nearly 50 years of experience helping clients assess their coverage needs and compile suitable policies. Contact us today to get started.