Workers’ Compensation Insurance in Traverse City, MI
Your employees are among your business’s most valuable assets. A healthy workforce is integral to organizational success, making employee well-being an essential part of ongoing operations. Your company must secure workers’ compensation insurance, as workplace incidents may be inevitable regardless of safety measures or risk mitigation.
What Is Workers’ Compensation Insurance?
A workers’ compensation insurance policy acts as a contract between your business and its insurance provider. This type of insurance can ensure your employees can access critical financial assistance and resources following work-related injuries and illnesses. Specifically, workers’ compensation insurance coverage may potentially provide aid for the following:
- Medical bills
- Lost or reduced wages
- Vocational rehabilitation
- Disability benefits
- Death benefits
- Employer legal costs
How Much Is Workers’ Compensation Insurance?
When determining your company’s workers’ compensation insurance cost rates, carriers must analyze various aspects of your business and its operations. Typically, you can expect the following criteria to be considered:
- Industry
- Location
- Workforce size
- Total payroll
- Claims history
- Policy limits
Is Workers’ Compensation Insurance Important?
Workers’ compensation insurance is among the most important types of coverage for employers of all sizes and across all sectors. These policies can make all the difference in ensuring your workers have the means to recover from work-related ailments. Furthermore, workplace injuries and illnesses may lead to costly lawsuits. Workers’ compensation insurance may help fund your organization’s legal defense and offset resulting losses in such situations.
Additionally, workers’ compensation insurance is often required by law and failing to secure adequate coverage could lead to fines and other penalties.
Get the Right Coverage
At Vozza Insurance Agency, we pride ourselves on helping businesses, families and individuals identify and address their coverage needs. Contact us today to learn more or to get a workers’ compensation insurance quote.