Workers’ Compensation Insurance in Santa Barbara, CA
Workers’ compensation insurance is an essential type of business insurance. Sometimes, an employee becomes sick or is injured due to work-related activities. In such cases, this policy may cover medical expenses, lost wages and legal fees.
What Is the Purpose of Workers’ Compensation Insurance?
Workers’ compensation insurance is designed to provide financial aid to employees who are injured or become ill on the job. Instead of employees suing employers for damages, workers’ compensation may provide a streamlined compensation process. It may cover the cost of medical treatments, rehabilitation and lost wages, helping employees get back to work as quickly as possible. For employers, this policy may help reduce the financial risk associated with workplace injuries.
Who Is Covered by My Policy?
Workers’ compensation insurance may cover all employees classified as full-time, part-time or temporary. In most cases, workers involved in manual labor, office jobs or other professions are all eligible for coverage. It may also extend to contractors hired by a business, depending on the structure of the relationship and local laws. However, traditional workers’ compensation policies might not cover independent contractors and volunteers.
How Much Is Coverage? 
Rates of workers’ compensation insurance typically depend on factors such as the following:
- Location
- Revenue
- Industry
- Workforce size
- Claims history
High-risk industries like construction tend to have higher premiums, while office-based jobs typically have lower rates. Businesses are likely to pay a percentage of their total payroll, with rates adjusted based on the level of risk associated with the job roles.
Contact Us
Contact Holmes & Holmes Insurance Agency, Inc. today to get the best coverage for your business. Our team can help you find the ideal workers’ compensation insurance policy.