Workers' compensation insurance can be obtained from a variety of sources including private insurance carriers, state insurance funds, and sometimes through self-insurance if qualified. Many states have specific carriers or funds dedicated to workers' compensation, and numerous private insurers also provide this coverage.
Common places to get workers' compensation insurance:
- Private insurance carriers or brokers who specialize in workers' compensation insurance.
- State Compensation Insurance Funds (like California's State Compensation Insurance Fund) which offer coverage especially when private insurance is hard to obtain.
- Specialized insurance providers like GEICO, Progressive, The Hartford, Chubb, and Texas Mutual offer workers' comp insurance for businesses.
- Some states have monopolistic funds where insurance must be purchased through the state.
- Self-insurance options exist for businesses that meet state requirements to provide coverage directly.
Steps to obtain:
- Contact private insurance companies or brokers to get quotes.
- Explore your state’s workers' compensation insurance fund options.
- Provide details about your business including location, payroll, number of employees, and claims history for quotes.
- Consider your state's legal requirements and options for workers' compensation coverage.
Depending on your location and business specifics, checking with your state's department of insurance or a dedicated workers' comp provider is a good starting point. For example, California employers can get help from the California Department of Insurance or State Compensation Insurance Fund, while other states have their own funds or approved carriers.
