Workers Compensation

And employers liability

Workers compensation

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 determine what coverages you need. Read on below to learn a bit more about Worker’s Compensation insurance, reach out with questions or request a quote.  

What are the basics of work comp?

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:

Commonly Asked Questions

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. 

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.

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.

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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