Workers’ Compensation Quote

‍

Workers’ comp covers the cost of medical treatment and lost wages for injured workers. While traditional workers’ comp pricing is charged annually based on your estimated payroll, Hourly offers a pay-as-you-go model based on your actual, real-time payroll numbers. It’s how we make workers’ comp costs more affordable for small businesses like yours.

How Much Does Workers’ Compensation Insurance Cost?

When it comes to traditional workers’ comp, insurance companies price based on four main factors:

‍‍

• Estimated annual payroll: Workers’ comp is generally charged based on your estimated payroll for the year, which means heavy upfront deposits and end-of-the-year audit fees.
• Industry and type of work: Some industries are more high-risk than others. For example, if you’re in construction, your pricing will be higher than for office work.
• State law: Every state has different laws for workers’ comp, so your location may play a role in the cost of your policy.
• Claims history: If you’ve had injured employees file workers’ compensation claims before, your rate will likely be higher. 

Making Workers’ Comp Insurance More Affordable

Hourly offers more affordable workers’ comp coverage. Instead of pricing by estimated payroll and charging you upfront, we price based on your actual payroll numbers. Hourly’s cost-effective model can help you:

‍

• Improve cash flow: Pay-as-you-go pricing helps you avoid high premiums and upfront fees so you can channel more money back into your business.
• Skip audit fees: With pricing based on your actual payroll, you won’t have to worry about costly audit fees at the end of the year.
• Save time: Automatic payroll tracking and one-click payment helps you spend less time running numbers and more time running your business.

FAQs About Workers' Comp

What does workers’ comp cover?

Workers’ comp covers health care, medical bills, and other expenses related to workplace injuries and illnesses. Employees who sustain injuries or illnesses as a direct result of their work can receive workers’ comp benefits like:

‍

• Medical care for work-related injuries and illnesses: including immediate care, emergency room visits, ambulance rides, surgery, prescriptions, and physical therapy.
• Lost wages if they need to take time off work
• Disability benefits if an accident or illness causes permanent damage
• Death benefits (such as funeral expenses) if an accident or illness results in loss of life

What common workplace injuries does workers’ compensation insurance cover?

‍Employee injuries covered by workers’ comp may include:

‍

• Injuries from accidents, such as broken arms, sprained ankles, or cuts requiring stitches
• Repetitive stress injuries caused by performing the same motion over time, such as carpal tunnel syndrome or tendonitis
• Occupational diseases from exposure to toxic chemicals or other workplace hazards
• Worsening of pre-existing conditions such as arthritis or neck and back injuries

Do self-employed individuals and independent contractors need workers’ comp?

While workers’ compensation laws vary by state, self-employed individuals, independent contractors, and subcontractors typically don’t need a workers’ comp policy. However, some sole proprietors and independent contractors choose to purchase workers’ comp as a safety measure so they can receive compensation for any work-related injuries or illnesses.

Do small businesses need workers’ comp?

Most states require every business with at least one employee to pay for workers’ comp coverage (though it may vary based on your number of employees), and you’ll likely face fines if you don’t have a workers’ comp policy in place. For example, in California, you can be fined up to $100,000. Check your state requirements for more information.

How do I purchase workers’ comp?

You can typically purchase a workers’ comp insurance policy through an insurance company—unless you live in Ohio, Wyoming, Washington, or North Dakota—which require you to buy workers’ comp directly from the state. 

What’s the difference between workers’ comp and general liability insurance?

While workers’ comp covers your employees, liability insurance covers your customers. For example, if an employee falls down on the job and injures himself, workers’ comp would cover any resulting medical expenses. On the other hand, if a customer visiting your store falls and injures himself, then sues your company for resulting medical expenses, liability insurance would cover that. It’s important to realize that your workers’ compensation policy does not give you liability insurance or business insurance.

Get a Free Workers’ Comp Quote Today

Protect your employees and your business with affordably priced, A-rated workers’ compensation coverage. Hourly can help improve your business’s cash flow, lower your audit fees, and free up your time at work. Contact us today for a free workers’ compensation insurance quote.