When you own a business that employs people, you will need a number of different insurance policies to help protect the business. One of these important insurance policies that you will need is workers’ compensation insurance, and our team at Mynatt Insurance Agency can help you get the right coverage at the right price.
Many business owners don’t realize the differences between what different insurance companies can provide – the team at Mynatt has worked with many providers, including Pie and FUBA, and can easily help explain the benefits of one provider over another. In many cases, this will vary by industry and risk specific to your business. Contact us today, and we can explain more about workers’ compensation insurance.
What Does Workers’ Compensation Insurance Do?
Workers’ compensation insurance has three main aspects to it that all businesses should be familiar with. First, it is designed to provide protection for your employees. Whether they injure themselves at work performing a task or get sick at work from exposure to something, workers’ compensation insurance helps to cover the medical bills and rehabilitation bills associated with the event.
Workers’ compensation insurance can also help provide financial protection for the business in the event of an employee considering a lawsuit against the business. These could add up quickly into the tens of thousands of dollars or more. And having this insurance in place will also help to avoid paying fines for non-compliance and help meet various mandates for your area.
Workers’ compensation insurance covers issues related to illness or injury. It can also help with lost wages due to this illness or injury and the needed time off of work to deal with things and provide rehabilitation. Finally, workers’ compensation insurance also provides death benefits if an employee ends up being killed on the job.
It is important to review your workers’ compensation insurance regularly to ensure that your business is properly covered. Call the Mynatt team today to schedule a review and to talk about your Workers’ Compensation Insurance.
Workers’ Compensation Insurance varies by the type of business and its industry. There are various classes of coverage available for workers’ compensation insurance, depending on the type of work being performed. Industries include:
- Construction Workers: Workers in the construction industry face various risks, such as falls from heights, machinery accidents, and exposure to hazardous materials.
- Healthcare Workers: Healthcare workers, such as nurses and doctors, face risks of contracting infectious diseases, exposure to hazardous drugs, and back injuries from lifting patients.
- Retail Workers: Retail workers face risks of slip and fall accidents, lifting injuries, and exposure to hazardous materials. This can include pet shops, florists and others.
- Manufacturing Workers: Workers in the manufacturing industry face risks of machinery accidents, repetitive motion injuries, and exposure to hazardous materials.
- Plumbers: Plumbers face risks of exposure to hazardous materials, cuts from sharp tools, and falls from heights.
- Truck Drivers: Truck drivers face risks of accidents on the road, lifting injuries from loading and unloading cargo, and exposure to hazardous materials.
- Restaurant Workers: Restaurant workers face risks of burns from cooking equipment, slips and falls, and back injuries from lifting heavy objects.
- Office Workers: Office workers face risks of repetitive motion injuries, eye strain, and slip and fall accidents. This may include law offices and IT work.
- Janitorial Workers: Janitorial workers face risks of slip and fall accidents, exposure to hazardous chemicals, and back injuries from lifting heavy objects.
- Electricians: Electricians face risks of electrical shock, falls from heights, and cuts from sharp tools.
- Landscapers: Landscapers face risks of heat stroke, falls from trees or ladders, and cuts from equipment.
- Welders: Welders face risks of burns, exposure to fumes and gases, and eye injuries from welding flash.
- Carpenters: Carpenters face risks of cuts from power tools, falls from heights, and back injuries from lifting heavy objects.
- Police Officers: Police officers face risks of physical injuries from fighting with suspects, exposure to contagious diseases, and mental stress.
- Firefighters: Firefighters face risks of burns, smoke inhalation, and other injuries from fighting fires and performing rescues.
This chart shows current codes and rates for the business-types Mynatt can help you get coverage for through FUBA.
FUBA Approved Class Codes (opens PDF)