How Much Does Workers Compensation Insurance Cost?

If a business employs more than two people, it’s required by law in some states for the business to have workers compensation insurance coverage. Workers compensation insurance coverage, also called workman’s comp, provides benefits to employees who attain injury or incur sickness while performing duties within the scope of their job posting. 

These benefits cover lost wages, hospital, and medical expenses, rehabilitation, and even (God forbid!) death-related costs for the employee’s family should death occur while on the job. You can read more about what this does and doesn’t cover here. 

A workers compensation insurance policy is purchased by the business itself from an insurance provider and looks to offer some form of protection for both the business and the employee, though some states have available funding for this type of insurance and actually prohibit private insurance companies from offering this as part of their insurance plans.