One of the many essential coverages for every business is workers’ compensation insurance. While the state sets the rates, there are still some affordable options for businesses.
You may currently be covered in the state’s Assigned Risk Plan, but you may not need to be! If you are, you either pay in full every year or pay interest to a finance company. We will shop our companies to try to place eligible businesses out of the state plan.
Additionally, when you buy multiple policies with the same company you can often receive discounts.
Even if you have no alternative to the state plan, we offer 2 different finance companies, giving us the ability to shop for the most competitive down payment and interest rate.
It’s important that this essential coverage be done right. While price is important, sometimes it’s more important to do the job right. We don’t cut corners. We work closely with our companies and the State Workers Compensation Bureau to make sure your policy is accurate and competitive.
Workers Compensation Coverage:
Also known as workers comp, is insurance an employer would purchase in order to cover his/herself in the event an employee is injured on the job. Workers comp would cover all medical bills and compensate wages for the time the employee is out of work due to the injury.
Employers Liability Coverage:
This coverage is usually offered under workers compensation coverage, and provides additional coverage. It covers the business from claims made against the business by employees for work related accidents, illness, or injuries. This does not cover wrongful dismissal or sexual harassment.
Mass Average Weekly Wage:
As of October 1, 2010 the Average Weekly Wage in Mass was $1,088.06. This changes every October first. In relation to workers compensation, If your current salary is equal to or more than $1,088.06 and you have a work related claim you would be able to collect an estimated 60% of the average. If you are making less than the average it would 60% be an estimated 60% of your salary at the time of your injury.
