Workers Compensation

As an employer, you have a duty to protect the health and wellness of your employees. Regardless of size or sector, all businesses face certain risks and perils that could lead to work-related illnesses or injuries. If an employee is hurt while on the job, they must be able to access medical and financial resources to ensure they can properly recover. As such, it’s necessary for your business to maintain adequate workers’ compensation insurance.  

What Is Workers’ Compensation Insurance? 

In addition to ensuring your employees can recover from their work-related injuries and illnesses, workers’ compensation is legally required for most employers in Massachusetts and New Hampshire. If an employee is injured, workers’ compensation coverage can generally help pay for the following: 

• Medical treatment—Your policy can provide financial assistance for medical bills accrued by injured or ill employees.
• Reduced income—If a workplace injury or illness affects an employee’s ability to fulfill their typical work responsibilities, your insurance can compensate them for any lost or reduced wages.
• Disability benefits—If an employee’s illness or injury leads to their permanent disability, this coverage can help pay for their disability benefits.
• Death benefits—This coverage can compensate an employee’s family if a workplace illness or injury leads to the employee’s death.
• Legal costs—If a work-related injury or illness results in your business being sued, workers’ compensation insurance can help pay for representation, settlements and judgments. 

How Much Does Workers’ Compensation Cost? 

Like most types of insurance, the cost of sufficient workers’ compensation coverage may vary significantly among employers. Before being able to provide your business with an accurate quote, insurance companies will usually consider the following criteria: 

• The workers’ compensation class codes assigned by the National Council on Compensation Insurance and state officials to all employees based on their duties
• Your business’s experience modification number, a figure calculated by analyzing your business’s incident history and its future risk levels 

Other factors, such as your business’s payroll, location and number of employees may also impact your business’s workers’ compensation insurance premiums.  

Get the Right Coverage 

With nearly 40 years of experience serving the greater Tewksbury and southern New Hampshire areas, the experts at the Schaffner Insurance Agency have the knowledge and expertise to help your business assess and address its coverage needs. Our agents will work with you to analyze your company and craft an optimal workers’ compensation policy. Contact us today to get started.