Workers' Compensation Insurance
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What is workers' compensation insurance?
Workers' compensation insurance, also called workers' comp insurance, helps cover medical expenses and lost wages for small business owners if an employee is injured or becomes sick. This coverage can include rehabilitation services and death benefits too. Workers' compensation insurance is also called workman's compensation or workman's comp. The GEICO Insurance Agency has teamed up with companies to help your business get the coverage and protection you need. Get your workers' compensation quote.
Workers' Compensation Insurance–Benefits For Employees
Mandatory workers' compensation insurance helps you and your employees. For employees that are injured or become ill because of work related events, it can help cover:
- Medical bills
- A portion of lost wages
- Funeral expenses
Workers' Comp-Benefits For Your Business
Accidents happen, but workers' comp helps give your business a safety net. In addition to helping cover medical bills and lost wages, the coverage may help with:
- Vocational rehabilitation services
- Legal costs in the event of a lawsuit
How does workers' compensation insurance work?
Workers' comp helps protect both employees and businesses. Employees get peace of mind that they'll receive financial protection and medical care if they are injured on the job. For employers, it significantly lessens the risk of being sued by employees, reduces liability, and protects them from a major financial loss due to employee injury.
If an employee is injured on the job, they should report the injury immediately, or as soon as possible. After that initial visit, the employee's medical provider will complete a report and send it to the employer's insurance company to be processed.
It's also important to understand what qualifies for workers' compensation and what doesn't. An example of a workers' comp claim would be if a construction worker is injured on the job site by falling or being struck by an object. On the other hand, if they were in an auto while commuting to work, that wouldn't qualify.
What are the requirements for workers' compensation insurance?
Most states require businesses with 1 or more employees to have workers' compensation insurance. As a business owner, you want to protect your business, yourself, and your employees from unforeseen accidents and prevent business interruption.
Who needs workers' comp?
Workers' comp is required by most states for businesses that have at least one employee and not having it can result in fines. For example, in California your fine can be up to $100,000.
What's covered in a workers' comp policy?
Coverage varies by state but we've listed some examples of things usually covered. For a complete list of what's covered in your state, please see your policy contract.
What Worker's Comp Covers
In general workers' comp covers employees', owners', and officers' injuries or illness caused by their job. Examples:
- Lost Wages
- Medical Expenses
- Rehabilitation Expenses
- Death Benefits
What is not covered by a workers' compensation policy?
Some injuries usually aren't covered by a workers' comp policy. A few examples are:
- Ones due to an employee being intoxicated or using illegal drugs
- Injuries that occur while not on the job
- If an employee's conduct violates company policy
Why choose GEICO to help with workers' compensation insurance?
Workers' compensation insurance is required by the state, so most policies look similar. The GEICO Insurance Agency will help you get excellent coverage for your business in most states.
Save on workers' comp costs with GEICO
We could help you save on your workers' compensation insurance by teaming with companies that will work directly with you. Start a quote and see how much you could save!
Need to speak with us about a workers' compensation quote?
You can reach a sales agent at (800) 841-1621
Workers' Compensation Insurance: Get the answers you're looking for.
How can I learn more about workers' compensation insurance?Managing a business is hard work. Let us help you learn more about workers' compensation insurance to determine if it is right for your business.
Do I need workers' compensation insurance if I'm self employed?In most cases, no. It is highly recommended to buy workers comp insurance for yourself, though, because if you do get hurt while out doing business, it's best to be covered like any other worker.
Does workers' compensation insurance cover contractors?In the event that an employee sustains an injury at work, worker's compensation insurance may be able to cover it.
How can I manage my workers' compensation policy?It's easy to connect with the GEICO Insurance Agency Partners. Remember to have the name of the company with you.
Do you sell other business insurance products?Yes! Whether you're a small business just getting started or looking for better insurance rates, GEICO can help. Answer a few short questions so we can help narrow down the search.
What type of insurance do construction contractors need?Check out Insurance 101 for construction contractors.
Does workers' compensation cover employees who contract COVID-19 (the coronavirus)?Typically, it depends on where an employee contracted COVID-19 as workers' comp protects employees from on-the-job injuries and illnesses. If an employee contracts the coronavirus while working, most policies will provide coverage.
What is the cost of workers' comp based on?Workers' compensation insurance cost is based on several factors, including:
- Coverage limits
- Number of employees
- Claims history
- Industry and risk factors
For online quotes:
The above is meant as general information and as general policy descriptions to help you understand the different types of coverages. These descriptions do not refer to any specific contract of insurance and they do not modify any definitions, exclusions or any other provision expressly stated in any contracts of insurance. We encourage you to speak to your insurance representative and to read your policy contract to fully understand your coverages.
Workers' Compensation insurance coverages are written through affiliated insurance companies and are secured through the GEICO Insurance Agency, LLC. We can help you secure Workers' Compensation insurance in all states except Hawaii, Maine, North Dakota, Ohio, Washington and Wyoming.
The information you provide will be shared with our business partners so that they can return a quote.