Workers Compensation

Workers Compensation Insurance in MichiganWorkers’ compensation insurance is vital to protect your business and is required for most businesses in Michigan. It will cover injuries or illnesses when they occur as a result of duties performed on the job or while at work. Some of the injuries that would be covered include injuries caused by lifting heavy equipment, slipping on a wet surface, or injuries because of fires or explosions. Protect your business from a lawsuit and your employees from loss of income. If you are located in Saginaw, Bay City, Midland, or anywhere in the state of Michigan, contact us to tailor a worker’s comp plan that works best for your business.

What is Workers Compensation Insurance?

Workers compensation is a system used by Michigan to provide wage replacement, medical and rehabilitation to employees that are injured at work, while also protecting you as an employer by limiting your liabilities. It is mandatory for most all businesses in Michigan to have workers compensation, with only a few exceptions. These exceptions include federal government employees, interstate railroad workers, seaman on navigable waters, and workers loading and unloading vessels. For a full list of businesses required to provide workers compensation coverage, visit the Michigan Department of Licensing and Regulatory Affairs’ website.

For employers, workers compensation insurance serves several purposes. It ensures that injured workers receive medical care and are compensated for a portion of their lost income should they be unable to work, while also ensuring your business is protected from lawsuits by those injured workers. Unlike other types of insurance, workers compensation insurance has no ceiling or limit on your policy amount- the insurer is contracted to pay whatever the state-required amount of compensation is.

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Why Do I Need Workers Compensation Insurance?

In Michigan, your business is required to provide a way of assuring it can pay benefits to injured workers. The easiest way to meet this requirement is through workers compensation insurance. Your insurance provider will then report to the government that it is providing coverage for your business. Workers comp insurance will help reduce the financial burden should one of your employees being injured on the job.

Besides being required to provide workers comp, even in the safest workplace, accidents can happen. When they do, workers comp insurance ensures that your business is financially protected. Workers are entitled to benefits, regardless of fault in the accident. Defending against a lawsuit is costly and time-consuming, even if your business successfully defends against the claim. If you were to be sued, you would need to focus your time, money, and energy on something other than running your company, leaving the day-to-day operations of your business as a secondary concern. Workers compensation insurance protects you from these lawsuits, while keeping the financial concerns covered.

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How Much Does Workers Compensation Insurance Cost?

Determining Workers Comp Insurance CostsPremiums are unique to each business and its situation. One of the first things your insurer will decide is what your business’ industry classification code and payroll is. For a less dangerous industry, such as an accounting firm, premiums will likely be lower due to the decreased risk. Your business’ location will also be considered, as well as your business’ history of claims. Businesses will lower than average claims will likely have a lower premium. Your insurer will also look at your company’s history of claims and compare it to others in your same industry. The level of coverage you require will also affect the premium.

Your total cost will include premiums, payments made under deductibles, and administrative costs for handling claims, and reporting to the state. Heritage Wise Group has some of the most competitive workers compensation insurance rates in Freeland and surrounding areas, and can offer a personalized quote tailored to your business.

Get a FREE Workers Compensation Insurance Quote!

Get a Free Workers Compensation Insurance Quote

If you are a business located in Saginaw, Bay City, Midland, or anywhere in the state of Michigan, contact Heritage Wise Group at (989) 781-3010 or fill out the form on this site today for a free workers compensation insurance or business insurance quote!

Get a FREE Workers Compensation Insurance Quote!