Commercial Insurance

Workers Compensation

at Frank Smith Insurance

For many, Workers Compensation is a mystery. Our professionals are here to help take the guess work out of this state-required insurance.

What is workers’ compensation?

Workers’ compensation is a form of insurance that covers the medical and rehabilitation costs of your employees if they’re injured on the job. (It also covers some lost wages.) Typically, having insurance that covers these costs means employees give up their right to sue your business for negligence—and in turn, they get peace of mind knowing they will be compensated for recovery from work-related injuries without the complexity of a lawsuit.

When should I purchase workers’ compensation?

In most states, workers’ compensation insurance is required as soon as you have one or more employees who aren’t the business owner or partner.

Is it expensive?

Cost is determined by the workers’ compensation board in your state. Each occupation is assigned a “risk classification” determined by two factors:

  • Frequency of injury at work,
  • Severity of the injury

Then each classification is assigned a dollar amount based on the risk. For example, clerical workers in Massachusetts have a classification of $.09—a lower risk. If an office manager makes $600 per week, the workers’ compensation premium for that employee would be $54.00. That being said workers compensation does have a minimum premium. (Please note rates are subject to change). Your premiums, however, can be increased or decreased based on your business’ safety history, whether your business offers health insurance, and other factors.

Please contact us at (508)675-5557 to provide you a quote.
We are local, friendly and knowledgeable!

Get a Quote Today!

Interested in new insurance?
See how much you could save!