Pay-as-you-go workers’ compensation is an insurance payment plan that bases your premium on your actual payroll. This is different from traditional plans that use projections to determine your costs and can result in an extra bill at the end of the policy. Choosing pay-as-you-go workers’ comp minimizes this risk and allows you to spread premium…
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Wyoming Workers’ Compensation Insurance
Wyoming workers’ compensation is governed by the Department of Workforce Services, Division of Workers’ Compensation. The state requires almost every employer to provide coverage for their employees, with only a few occupations specifically excluded from coverage. Employers can only purchase workers’ comp insurance from the state, and they pay approximately $1.70 per $100 of payroll….
How to Prepare for Workers’ Comp Audits in 4 Steps [+Checklist]
Insurers that issue workers’ compensation insurance audit policies when they expire. They do this because initial premiums are usually based on an estimate of the policyholder’s payroll, and they need the actual payroll to charge the right amount. As a result, workers’ comp audits can be stressful for business owners because they may end up…
10 Best Small Business Insurance Companies 2020
The best small business insurance companies offer core policie like general liability, plus a broad range of additional coverages that most small business owners need. We reviewed dozens of providers to find the top 10 based on key criteria like coverage types, customer service, and pricing. Top Small Business Insurance Companies Which Insurance Carrier Is…
Photography Insurance: Cost, Coverage & Providers
Professional photographers and videographers need photography insurance to protect their assets from the cost of lawsuits and property damage. Typically, that means having general liability, professional liability, and equipment coverage. Insurance for photographers may cost $250 to $1,800 per year depending largely on the coverage you choose, but also your clientele, venues, and equipment. Getting…
Church Insurance: Cost, Coverage & Top Companies
Like a business, churches need to protect their assets, but getting coverage isn’t as simple as asking an agent for church insurance. Instead, you need several policies, each designed for a specific risk. For instance, most churches need general liability in case a congregant suffers an injury. This policy typically costs between $500 to $1,500…
Workers’ Compensation Costs By State
The United States Bureau of Labor Statistics says the average employer pays 45 cents per hour worked for workers’ compensation. However, the coverage is regulated differently across the US, and that causes variations in workers’ compensation insurance costs by state. Rates can be as low as 7 cents per $100 of payroll or exceed $130…
Workers’ Compensation Insurance: Requirements, Cost & Providers
Workers’ compensation insurance is required in most states to cover medical bills, rehabilitation costs, and lost wages for employees who get injured or experience a work-related illness. Costs vary depending on factors such as your business’ location, industry, and payroll. Typically, small business owners pay $450 per employee in annual workers’ compensation premium. Getting affordable…
Cyber Liability Insurance: Cost, Coverage & Who Needs It
Cyber liability insurance protects businesses from losses or damage caused by cyberattacks and data breaches. These expenses can include data restoration, extortion, legal fees, and regulatory fines. Costs vary depending on your risk factors and the coverage you choose, but most small businesses’ annual premiums range from $750 to $8,500. Insurers like will assess your…
What Are Workers’ Comp Exemptions?
Even though most states require employers to carry workers’ compensation insurance in case their employees get hurt on the job, many offer workers’ comp exemptions for a variety of workers like independent contractors. Knowing which employees are exempt and how to get an exemption can ultimately help you save on your workers’ compensation insurance. Each…
What Is Employer’s Liability Insurance?
Employer’s liability insurance protects small business owners in lawsuits over work-related injuries that aren’t covered by workers’ compensation insurance. The coverage pays for the policyholder’s legal defense if an injured employee sues, covering costs like attorney’s bills and any judgments or settlements up to the policy limits. How Employer’s Liability Insurance Works In most states,…
COVID-19 Business Insurance Assistance Guide
The impact of shelter-in-place orders and social distancing has turned just about every aspect of running a business on its ear, and insurance is no exception. However, with so many small business owners struggling to make it through the pandemic, some insurers are showing remarkable flexibility in an effort to help. How to Handle Small…