Looking for Workers’ Compensation Insurance in Georgia?
When your employees are taken care of, your business is taken care of.
A key part of running your business is keeping employees safe at work. However, if one of your employees does suffer an injury, workers’ compensation coverage provides you and your employees with important protection.
You pride yourself on operating a safe, secure work environment where your employees can perform to the best of their ability while helping your business grow. Even in the most ideal circumstances, the reality is that accidents and illnesses still happen.
A slip and fall at a restaurant resulted in broken bones, an equipment malfunction at a construction site caused an eye injury—it could be any number of things.
Workers’ compensation insurance in Georgia is a legally mandated insurance system intended to provide medical coverage, wage replacement, and permanent disability compensation to employees who suffer job-related injuries or illnesses. It also provides death benefits to dependents of workers who have died due to work-related accidents. This system protects employers from direct lawsuits by injured employees. In Georgia, any business with three or more workers, including regular part-time workers, must have workers’ compensation insurance.
Am I Required to have Workers’ Compensation Insurance?
Workers’ compensation coverage is a state-mandated insurance program that covers lost wages and medical treatment resulting from an employee’s work-related injury or illness. It also covers services needed to help an employee recover and return to work.
In most states, workers’ comp insurance is required.
How much is Workers’ Compensation Insurance in Georgia?
Because coverage requirements vary by state, the cost of workers’ compensation insurance depends on where your business operates. Other factors that affect your rates include…
- The number of employees you have
- The type of work your employees do
- Your claims history
- Your industry
Like all insurance, workers’ compensation is priced based on risk.
Riskier industries and jobs are more expensive to insure than less risky ones. To make sure prices are as fair as possible, they’re determined by classification codes.
Each type of work or industry has a unique code that classifies the industry and risk and helps the insurance carrier determine a suitable rate.
One way to save money on your workers’ comp policy is to make sure you’ve classified every employee correctly. The secretary for a construction firm, for example, will have a lower rate than the bricklayers.
At IndyRisk™ Insurance Advisors, we understand the importance of keeping your employees safe and sound. After all, they are the foundation of your business.