The Payroll Blog
News, tips, and advice for small business owners
Create a Safety Net for Your Business or Household with Workers’ Comp and Small Business Insurance
From property damage and cyberattacks to slip-and-fall injuries and fractures, workers’ comp and business insurance helps protect small business and household employers from risk.
The facts are compelling. American businesses suffer nearly 3 million injuries and nonfatal illnesses annually according to the Bureau of Labor Statistics, with average payouts ranging from $85,311 for motor vehicle-related injuries to $48,575 for slip-and-falls. The figures are daunting.
Thanks to SureProtect, brought to you by Paychex Insurance Agency, in collaboration with CoverWallet, an Aon company—small business and household employers don’t have to face risk alone. We provide fast & simple customizable solutions to cover your specific situation.
What is Workers’ Compensation Insurance?
Workers’ compensation insurance can help cover small business and household employees who experience a work-related injury or illness. Workers’ comp creates a financial and legal safety net for business owners, employees and their families.
If you don’t have workers’ comp insurance, you or your business may be liable to pay costs associated with these scenarios and more:
- A transcriptionist takes time off for carpal tunnel surgery and recovery.
- The nanny trips over a toy and fractures an ankle at your house.
- A restaurant worker suffers a deep laceration on the job.
- A caregiver is injured in a car accident while running an errand for the employer.
In these cases, workers’ compensation insurance coverage helps the employee with medical costs associated with work-related injuries, plus lost wage coverage if time off from work is necessary.
Do I Really Need to Carry Workers’ Compensation Insurance?
Workers’ comp insurance is typically required by law in almost every state. Certain household employers and small businesses may be exempt in some states, however, voluntary coverage is also available.
When it comes to household employers, some wonder, will my homeowner’s insurance cover my household employee in the event of an accident? The answer is no. Homeowners insurance is not designed to cover household employees. It may, for example, protect you in the event a contracted worker—like a plumber or electrician—gets hurt in your home.
Both small business and household employers may also ask, what happens if I don’t get workers’ comp? When workers’ compensation coverage is missing, small business and household employers run the risk of fines, lawsuits and potentially jail. Even if you avoid legal troubles and penalties, work-related injuries and illnesses can impact your bottom line dramatically. Consider these average workers’ compensation payouts from the National Council on Compensation Insurance and decide if operating without adequate coverage is worth the risk:
- Motor vehicle: $85,311
- Burn: $54,173
- Slip and fall: $48,575
- Strain: $32,291
- Cut: $24,375
What Should I Look for in a Workers’ Comp Insurance Provider?
Whether you’re a household employer seeking workers’ comp coverage for your nanny or elder caregiver, or a restaurant owner looking for commercial auto insurance for your delivery drivers, it’s important to consider the qualities most important to you. While providers may all seem the same, there are important distinctions.
SureProtect offers a full spectrum of insurance solutions, customized to meet your needs. The distinct advantages of SureProtect include:
- Easy Selection and Convenience. Explore everything from commercial property insurance to general liability insurance, compare a wide range of policies from industry-leading insurance carriers, get same-day business insurance quotes online, and purchase coverage with the click of a button.
- Prompt, Knowledgeable Support. Connect with your personal insurance agent for fast, accurate answers to your questions.
- Simple and Flexible. Easily make changes to your insurance coverage as your business or your household needs change.
- Instant-Access Documentation. View and download your certificate of insurance and more online at your convenience.
How Do I Get Workers’ Comp Insurance?
SureProtect, makes getting started easy:
- Complete an online application
- Review competitive workers’ comp insurance quotes from the top insurance companies
- Choose your workers’ comp insurance policy and purchase it without delay
- Access your workers’ compensation insurance certificate online 24/7, connect with your personal insurance agent whenever you need, and easily make changes to your policy as your needs change
Now that you understand the importance of workers’ compensation insurance, and the distinct advantages of SureProtect, you may wonder what type of additional business insurance is available? SureProtect also offers:
- Commercial Property Insurance
- Professional Liability Insurance (also known as Errors and Omissions, E&O)
- General Liability Insurance
- Disability Insurance
- Commercial Auto Insurance
- Fiduciary Liability Insurance
- Business Owner Policy (BOP)
- Employment Practices Liability Insurance (EPLI)
- Cyber Liability Insurance
- Directors and Officers Insurance (D&O)
- Umbrella Insurance
Do I Need Additional Small Business and Household Insurance Coverage?
From a business owner policy (BOP) to employment practices liability insurance (EPLI), there are a variety of policies that are designed to protect you, your company, your property and household from financial loss and legal liability in the event of an accident, crisis or catastrophic event. Your unique situation determines the specific combination of insurance that will best meet your needs.
Many small businesses and households underestimate their risk, and as a result they choose to opt out of important insurance coverage.
Get Started Today with SureProtect
Protect your business and household with the same insurance carriers trusted by Fortune 500 companies. Get your competitive insurance quote today with SureProtect, brought to you by Paychex Insurance Agency, in collaboration with CoverWallet, an Aon company.
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This website contains articles posted for informational and educational value. SurePayroll is not responsible for information contained within any of these materials. Any opinions expressed within materials are not necessarily the opinion of, or supported by, SurePayroll. The information in these materials should not be considered legal or accounting advice, and it should not substitute for legal, accounting, and other professional advice where the facts and circumstances warrant. If you require legal or accounting advice or need other professional assistance, you should always consult your licensed attorney, accountant or other tax professional to discuss your particular facts, circumstances and business needs.