Don’t let a workplace accident put your employees’ financial well-being at risk. Protect your business and its key players with workers’ compensation insurance.
Southpoint uses our long-term relationships with the most reputable workers’ compensation carriers to secure affordable coverage for our clients.
Workers’ compensation insurance is a critical coverage for nearly every business—but not all policies or agencies are created equal. At Southpoint, we do everything we can to make sure your workers’ compensation insurance gives you the best coverage for your budget.
As an independent insurance agent, clients are truly our top priority—not shareholders or corporate quotas. That’s why we take the time to shop around for competitive quotes and leverage our long-term carrier relationships to get the rates our clients deserve.
Once you choose a policy, we’re always available to discuss your coverage, make changes, and walk you through the claims process. Unlike other agencies, we don’t just help you fill out paperwork and communicate with your adjuster. We work to determine why a claim occurred and help you prevent similar incidents in the future, so you can save on premiums and spend more time focusing on your business.
Are you tired of rising workers’ compensation premiums? Request a quote or schedule a conversation with our team to see if you’re overpaying for coverage.
What Does Workers’ Compensation Insurance Cover?
Workers’ compensation coverage applies when an employee becomes injured or ill while performing duties related to their job. Common workplace injuries and illnesses include:
- Slip-and-fall accidents
- Repetitive injuries like carpal tunnel syndrome
- Machinery accidents
- Injuries from falling objects
- Strains from overexertion or overuse
- Respiratory issues caused by dust or toxins
When a work-related injury occurs, your business files a claim on your employee’s behalf. Depending on the extent of their injuries, your insurance company will reimburse the employee for medical expenses, rehabilitation costs, and lost wages. If a fatal workplace accident occurs, your policy will also pay for funeral or burial costs.
Do I Need Workers’ Comp Insurance?
Though each state has different rules, most businesses in the U.S. need workers’ compensation insurance. Texas is the only state that doesn’t require coverage across the board, but certain employers are still required to purchase a policy. In most states, business owners with more than one employee must purchase and maintain coverage or risk fines.
If you’re unsure about your company’s requirements, look up your state’s laws or schedule a conversation with one of our experts.
How Much Does Workers’ Comp Insurance Cost?
Workers’ compensation costs vary dramatically by business. Your premium amount is determined by:
- The state or states you do business in: Every state has different workers’ compensation rates. If your employees work in a state with high rates, you will pay more for your coverage than a similar business in another state.
- Employee count and payroll: Rates are calculated based on payroll, so if you have a large number of employees, you will likely pay more for coverage than a smaller business.
- The type of work your employees do: The National Council on Compensation Insurance (NCCI) calculates classification codes based on how dangerous a job is. If most of your workers have desk jobs, you’ll pay lower rates than a company with construction laborers, loggers, or roofers.
- Claim history: In some states, insurance companies adjust your premiums using an experience modification rate. If you haven’t had many claims compared to other companies in your industry, you’ll receive a discount. Companies with more claims pay a penalty.
What Do I Need To Purchase Workers’ Comp Insurance?
To request a workers’ compensation quote, you need to fill out an application with detailed information about your business, including:
- What your company does
- Your employer identification number
- Where your employees work
- The number of employees and what type of work they do
- The total payroll amount for each role
- Your claim history (if you have one)
Southpoint will double-check your application and submit it to several carriers in your state. After receiving several quotes, you will work with your representative to choose the best policy for your business.
Where Can I Purchase Workers’ Compensation Insurance?
Each state has different workers’ compensation insurance laws, and some states require companies to purchase coverage from a state fund. However, most states allow you to work with private insurers to shop for coverage, and many offer state-sponsored options if you can’t find coverage elsewhere. If you’re not sure what your options are, give us a call today.
If your insurance agency treats you like an afterthought and only calls when it comes time to renew your workers’ compensation insurance, it’s time to switch to Southpoint. Whether you run a small, family-owned business or a big corporation, our team will make sure you get the most comprehensive coverage for your budget. We’re available year-round to answer questions, explain your policy, and help you reduce losses.
Stop settling for overpriced coverage and subpar service. Schedule a conversation with our team today to learn why Southpoint is the best workers’ compensation agency in Illinois.
Whether you’re shopping for your first policy or curious about how much you can save on your current coverage, Southpoint can help. We only work with the most highly rated insurance companies in your state, so you can be confident you’re getting the best policy available.