Workers’ Compensation Insurance

Keep Your Employees Protected

The health and wellness of employees should be a top priority for all businesses. Implementing adequate safety measures and regularly assessing various risks and hazards is necessary for operating any workplace, regardless of size or sector. However, your loss control and risk management programs should include additional layers, including adequate workers’ compensation insurance. 


What Does Workers’ Compensation Insurance Cover? 


If an employee is injured on the job or develops a work-related illness, a workers’ compensation insurance policy can provide critical financial assistance for resulting losses and expenses. In most cases, this type of insurance provides financial aid for the following:

• Medical services—If an employee requires medical treatment for their work-related injury or illness, your insurance can cover costs.

• Lost income—If an employee cannot work or conduct their regular duties, this coverage can enable them to recoup any lost or reduced wages.

• Disability benefits—If an employee is determined to have been partially or permanently disabled due to a workplace injury, your insurance can help pay for disability benefits.

• Death/dependent benefits—If a work-related illness or injury leads to an employee’s death, your policy can provide financial assistance to their family, such as for funeral expenses or to replace lost income.

• Legal costs—If your business faces a lawsuit in connection with an employee being injured or becoming ill on the job, workers’ compensation insurance can help pay for legal costs, such as your defense and settlements.

Most businesses are legally required to carry workers’ compensation insurance. 


How Much Does Workers’ Compensation Cost? 


The cost of adequate workers’ compensation insurance can vary significantly based on your business’s unique circumstances. Before being able to provide an accurate quote, providers must consider the following factors:

• Location—Depending on where your business operates, workers’ compensation requirements, and therefore the cost of adequate coverage, may vary.

• Number of employees and total payroll—Your business’s workers’ compensation requirements are based on the total payroll of your workforce. As such, employers with more workers may generally have to pay more for a suitable policy.

• Workers’ compensation class code—These codes measure employees’ risk levels and are based on their tasks and responsibilities. If your business includes many high-risk class codes, your business can generally expect higher premiums for adequate coverage.

• Experience modification rates—This figure refers to how risky providers consider your business and is calculated based on past incidents and future risk levels. In general, an experience modification rate (EMR) of 1.0 represents the average risk levels in your industry. Businesses with a below-average EMR could enjoy reduced prices, while those above 1.0 may have to pay more.

Get the Right Coverage 


A workers’ compensation policy is crucial to any business’s insurance portfolio. The benefits provided by this type of coverage may prove to be invaluable following an incident. Without adequate insurance, your employees may not be able to receive the care that they need to recover. Furthermore, your business could have to pay for significant losses and damages out of pocket, which may result in devastating financial consequences. 


The experts at Gaulin Insurance Agency are here to make sure that doesn’t happen to you. Our agents are dedicated to helping individuals, families and businesses in the Cranston area assess and address their insurance needs. Contact us today to get started.