Abbott Insurance Kansas City

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8117 N Oak Trfy, Kansas City, MO 64118

Workers Compensation Insurance

Some form of workers’ compensation insurance has been in existence for over 150 years, but the concept itself can be traced back thousands of years. As you can imagine, a lot has changed over time and determining what coverage you’re required to carry can seem like an impossible task.

Although it can seem overwhelming, having an agent can make the process much easier by determining what coverages you need. Read on below to learn a bit more about Workers' Compensation insurance, reach out with questions, or request a quote.

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What are the basics of Work Comp?

  • Coverage is state-specific, with regulations that can vary from state to state
  • Benefits are given regardless of fault, which in turn limits the employer's liability
  • Premiums are calculated based on the type of work you do, how much payroll you have, the location of your business and your safety and claims history
  • Workers' Compensation will provide benefits for rehabilitation services, medical treatment and disease treatment for those injuries and diseases that development due to work

What Is Needed for a Quote?

Getting a quote for workers’ compensation insurance is much easier than you’d think. If you provide the type of work you do and your estimated payroll costs then you can get an idea of what your premium will be. Here is a quick list of information you’ll want to have ready if you would like to get a firm quote:

  • Business contact info, including mailing address, phone number and email
  • Owner information including date of birth
  • Description of the work you do and services you provide
  • Total number of employee excluding the owner, and an estimate for annual payroll excluding the owner

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Commonly Asked Questions

Do I Even Need To Carry Workers' Compensation Insurance?

Depending on the type of business you have, you may not be required by your state to have workers’ compensation insurance. If the state doesn’t require it, you would still be on the hook for injuries sustained by your employees during the course of employment.

For example, in Missouri, you are required to carry workers’ compensation insurance if you have 5 or more employees regardless of the industry work in. If you work in construction, insurance becomes required with only 1 employee.

Whenever you’re considering coverage, the best place to start is the state Workers’ Compensation website. Requirements for all types of businesses will be listed. Find yours and determine what you need.

I'm New In Business, What Does That Mean For Me?

There are a number of carriers that are willing to provide coverage for new business ventures, and it doesn’t change much about your process.

While you don’t have historical records on your payroll costs, your best guess based on your business plans will work to start the policy and any discrepancies will be resolved during the audit.

Just like taxes, at the end of the policy period you will have to complete a workers’ compensation audit. This protects you from overpaying should you overestimate your payroll amounts.

What If I Don't Complete My Workers Compensation Audit?

Definitely complete the audit. Carriers can charge you a penalty of up to three times the yearly amount of premium and it will negatively impact your experience modification factor (safety record) as a company.

Even if you’re no longer in business, switched careers, or no longer have the policy you will still be responsible for completing audits on prior years. You’ll find that this isn’t a typical audit – everything is straight-forward, and we can always provide assistance when needed.

I Don't Have Employees, Only 1099 Contractors. Am I Still Required To Carry Workers' Compensation?

Since 1099 contractors are not considered payroll employees, you are not required by the state to carry coverage for them. However, you are required to make sure they have coverage for themselves. If they do not have coverage, you may end up on the hook.

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