Workers Compensation insurance protects the most valuable asset of your business, your people. In most businesses, the people involved are directly responsible for the success or failure of the business. Protecting your people should be your number one priority. At Steffey Hatoway, we can secure Workers Compensation insurance through multiple channels and hopefully provide you with the best possible rate. Of course, rates are determined by a few specific variables.
Firstly, Workers Compensation insurance may vary by state. At Steffey Hatoway, we primarily write in Indiana, Ohio, and Pennsylvania, although we are also licensed in Delaware, Illinois, Kentucky, New Jersey, North Carolina and Tennessee. Some states require you to purchase Workers Compensation insurance directly through the state. Other states (most) have an open market system where you can secure your insurance through an independent agency such as Steffey Hatoway Insurance. There is also a difference between states that require Workers Compensation insurance and states that make it elective. The states that do not REQUIRE Workers Compensation are: Alabama, Arkansas, Delaware, Georgia, Indiana, Kansas, Kentucky, Missouri, Nevada, New Mexico, North Dakota, South Carolina, and Tennessee. As stated, regardless of where you live, it is highly suggested you purchase Workers Compensation insurance for your employees.
Secondly, Workers Compensation insurance varies based off of the worker’s position. For instance, you’d pay a higher rate for your employees being roofers than you would for them being baristas at the local coffee shop. The level of danger in the roofing position dictates that the rate be increased.
Workers Compensation insurance helps the victims of workplace injury during this rough time in their lives. It will help cover medical expenses and lost wages. Workers Compensation many times softens the blow of a very unfortunate situation. If you, or someone you know needs Work Comp insurance, please contact us. We can help you secure this insurance immediately to make sure these people are properly covered.