HR Fast Facts: Workers’ Compensation Insurance

Workers’ comp covers medical expenses and replaces lost wages for employees injured at work. Most states and medical carriers require this coverage once employers hire W-2 employees.

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Workers’ comp covers medical expenses and replaces lost wages for employees injured at work. Most states and medical carriers require this coverage once employers hire W-2 employees. The premium is primarily rated on 2 factors: Estimated Annual Payroll and Class Code Rates.

Please note that in the “monopolistic” states of Wyoming, North Dakota, Washington and Ohio, Worker’s Compensation insurance is a payroll tax, and is administered by the state itself. Brokers cannot assist in managing or administrating workers’ compensation in these states. Employers with employees in these states must contact the state agencies themselves for workers’ compensation inquiries.

For more information, see the following agency links:

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