Workers’ Compensation Insurance
Protect yourself and your employees with coverage for lost wages and medical expenses.
Workers’ Compensation Insurance in Springfield, MO
Workplace accidents and injuries are inevitable. Make sure you’re prepared to help your employees receive workers’ comp benefits they’re entitled to. If you’re in the market for a policy, contact Nixon & Lindstrom Insurance to get a quote online. Since 1955, our team of agents have helped businesses throughout Springfield and Southwest Missouri get the affordable, comprehensive workers compensation insurance coverage they need.
After you’ve requested a quote, our agents will work with you to determine what level of workers’ compensation coverage is right for your business and your valued employees.
What is workers’ compensation insurance?
So what exactly is workers’ compensation insurance? It’s an insurance program that creates a safety net for employees who suffer an injury or illness while performing job duties.
Businesses pay workers’ comp premiums to an insurance carrier that, in turn, covers claims in accordance with state-specific workers’ comp statutes. Employees injured, disabled or sickened as a result of their employment can file claims for financial assistance with medical expenses and lost wages. Certain employer policies may also cover costs associated with rehabilitation therapy or, in the worst-case scenario, a deceased employee’s funeral.
Does my business need workers’ compensation insurance?
If your business has employees, you’re likely required by state law to carry workers’ compensation insurance. Be sure to verify what’s required in your state, because failing to obtain this essential coverage could result in losing your business license, fines or imprisonment.
Remember, a workers’ comp policy doesn’t just protect your employees, it also protects your business. As long as your workers’ compensation policy complies with state law, employees who receive benefits can’t sue you for negligence. Having this critical coverage is in everyone’s best interest.
What types of claims does workers’ comp insurance cover?
Workers’ comp insurance is narrowly tailored to workplace illnesses, injuries and deaths. Policies can be customized and may include the following types of coverage:
Partial or full reimbursement for qualified medical expenses
Partial restoration of lost wages
Short-term and/or long-term disability benefits
Rehabilitation and retraining programs
Partial or full repayment of funeral expenses
Financial assistance for surviving family members
How much does workers’ compensation insurance cost?
The cost of workers’ comp insurance depends on multiple factors, including your industry, payroll, work-related risk factors, location, number of employees and claims history. As a result, it’s difficult to provide the average cost businesses can expect when buying workers compensation insurance. Employers are separated into classes based on these variables, and rates are determined using historical claims data specific to those classes. The good news is that there may be opportunities for discounts if you have a strong safety record.
As an experienced insurance provider working with businesses throughout Springfield and Southwest Missouri, we understand that businesses face plenty of expenses and affordability is key for mandatory workers’ compensation insurance. We can help you analyze the cost and benefits of various workers’ compensation policies and advise you on which one makes the most sense for your company. Start the process today by getting an online quote and connecting with one of our agents.