Workers’ Compensation Insurance in Phoenix, AZ
It’s your responsibility as an employer to provide a safe working environment for your employees. However, even with proper safety protocols, accidents can happen. Workers’ compensation insurance, also called workers’ comp, can help cover you and your employees if one of your workers experiences a work-related injury or illness. It is also legally required of most businesses with employees.
Contact Ayala Insurance in Phoenix, Arizona, to learn more about our workers’ compensation coverage solutions and to speak to an insurance agent.
What Is Workers’ Compensation Insurance?
A workers’ compensation insurance policy is a type of business insurance purchased by employers that may help pay for an employee’s costs (e.g., medical expenses, lost income) arising from their job-related injuries or illnesses. It may also provide employers with coverage for lawsuits related to the incident.
What Does Workers’ Compensation Insurance Cover?
Below are some of the types of assistance workers’ compensation may provide following an employee’s work-related injury or illness:
- Medical benefits may assist with payments for medical care if an employee needs medical attention following a work-related injury or illness.
- Disability benefits may provide financial assistance to your employees if they develop a permanent disability following a workplace incident.
- Wage-loss benefits may help cover the cost of your worker’s lost income if a physical injury or illness from work-related activities temporarily impacts their ability to perform their job.
- Death benefits may pay for costs (e.g., funeral expenses, burial costs) if a workplace incident results in a worker’s death.
Workers’ compensation policies typically also offer employer liability insurance. This coverage may help pay for legal expenses associated with lawsuits related to the workplace incident that resulted in an employee’s injury or illness. Speak with our agents for more information on policy details.
Is Workers’ Compensation Insurance Required?
Most states require businesses with employees to have workers’ compensation insurance. Coverage requirements may vary depending on your state, industry, business size, and numerous other factors. Contact Ayala Insurance to learn what workers’ compensation requirements could apply to your business.
How Much Does Workers’ Compensation Insurance Cost?
Several factors will affect your workers’ comp premiums. Here are some of the variables your insurer may consider when determining the cost of your coverage:
- Your business’s experience modification number, which is calculated by analyzing your business’s history of incidents and its future risk levels
- The workers’ compensation class codes, which are assigned to all employees by the National Council on Compensation Insurance and state officials based on their duties
Your business’s location, payroll and number of employees may also affect your business’s workers’ compensation insurance premiums.
The agents at Ayala Insurance can help you get started with an insurance quote today.
Buy Workers’ Compensation Insurance
Worker’s compensation insurance can provide essential financial protection. Contact Ayala Insurance to learn about our insurance products and to speak to an insurance agent.