What is workers compensation insurance?
Workers compensation insurance coverage can help protect you, your business and your employees after a work-related injury or diseases.
For employees, workers compensation insurance provides medical care, benefits for lost wages and more. For employers, workers compensation insurance provides peace of mind by helping your business avoid expensive civil litigation and providing support to injured employees to help them recover and return to work. See how our claim process works.
This content brought to you by Travelers What is Workers Comp Insurance_ (SPEECH)
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What is workers comp insurance? Your employees are your most valuable assets. But what happens if one of them is hurt-- say, lifting inventory-- or gets in a car accident while driving for work? Workers compensation insurance can help protect employees and you from the financial impacts of the injury. Also known as workers comp, it provides benefits to an employee for work-related injuries or illnesses. It helps cover employees' medical expenses and helps replace lost pay while they're out of work or if they become disabled for an extended time. Workers comp covers you, too. When an injured employee obtains workers comp benefits, they cannot sue you for damages. By paying those benefits to the injured employee, workers comp insurance protects you against potential lawsuits for those benefits. Workers comp is a separate coverage from your BOP, or Business Owners Policy. And nearly all states require businesses to have workers compensation insurance. Even if you're a sole proprietor with no employees, there are still good reasons to buy workers comp. If you were injured while working, it can help pay for your medical expenses and lost pay during your recovery. To get started with workers compensation coverage and other business insurance solutions, contact your Travelers independent agent or visit travelers.com.
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Copyright 2018 The Travelers Indemnity Company. All rights reserved. Travelers and the Travelers Umbrella logo are registered trademarks of The Travelers Indemnity Company in the U.S. and other countries.
Who is workers compensation insurance right for?
Travelers offers workers compensation protection for many industries, including the manufacturing and public sector industries. More than 500,000 customers trust Travelers to take care of their most precious business resource – their employees.
We are a leading workers compensation insurance carrier. We bring a nationwide network of experts and local expertise to you. Our Underwriting, Claims, Risk Control and Premium Audit teams are on the ground in every major state ready to work for you.
Travelers is your strategic partner
Our industry-leading technology, actionable analytics and responsive teams can give you a strategic advantage. Our top priority is protecting your business and your people so injured employees can return to work as safely as possible.
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Text, Travelers, with a red umbrella at the end. Why Our Workers Compensation May Be the Better Choice for You
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SPEAKER: When it comes to workers compensation, our top priority is protecting your organization and your people so your injured employees can return to work as safely as possible. Our focus on industry-leading analytics along with our innovative outlook on treatment can help support your employees through their recovery while controlling related medical costs and protecting you from fraud.
As the nation's largest workers compensation insurer, we better understand your company's unique needs and risks. We can help keep your people safe so they can help keep your organization running.
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Travelers Workers Compensation.
Contact your independent agent today
Why choose Travelers for workers compensation insurance?
Travelers is an industry leader, the No. 1 writer of workers compensation insurance in the United States. Our experienced and collaborative teams strive to treat every customer, from the small business to the national multi-state business, as our most important customer. We help organizations facilitate safe work environments, lower claim costs, access care and help injured employees return to work.
We empower our customers with industry-leading technology, actionable analytics and responsive teams to keep employees safe and businesses healthy.
We support many industries and environments, from factories to office suites to clerks and construction workers.
Protect your employees
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Medical expense benefits.
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Lost wage benefits.
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2,000+ workers compensation Claim professionals to simplify the claims process.
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500+ in-house nurses and medical professionals to ensure a timely return and smooth transition back to work when medically appropriate.
Protect your business
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May limit your liability if sued by an injured employee.
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Safety resources and expertise available to reduce workplace accidents.
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Investigative team for claims.
Flexible solutions
We are the nation's largest workers compensation carrier.
One of the ways Travelers has become the nation's largest workers compensation insurance carrier is by offering flexible solutions that can be customized for your unique business needs.
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SPEAKER: The difference between a workers compensation policy that satisfies state requirements and a strategic plan that truly works for your business comes down to partnership. Travelers knows that being a good partner means adapting to how you want to run your business. One of the ways we've become the nation's largest workers compensation carrier is by offering flexible solutions that are better for you.
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Flexible Solutions
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Flexibility is about understanding your unique dynamics so we can better provide solutions to help keep your people safe and your business running.
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Consultation Flexibility
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Travelers can meet you where you are. Our risk control consultants can come to you or offer a virtual site visit. In either case, you get the benefit of technical specialists who can provide you with recommendations specific to your industry.
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Billing Flexibility
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How you pay is up to you. Choose installment options or pay as you go. With TravPay, workers compensation premiums can be automatically drawn every time your payroll is processed, giving you a better way to manage cash flow.
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Analytics Flexibility
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If your business faces high-risk scenarios, our e-CARMA analytic system can help you make better-informed decisions. e-CARMA was created with complex risk in mind. It's highly customizable to your business and makes accessing loss data faster and easier than ever before.
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Audit Flexibility
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With Travelers, even your premium audits come with options. Complete your workers comp audit in person or opt for a virtual audit with online educational support to help simplify the process. At Travelers, we won't stop developing flexible solutions that are better for how you want to run your business. For information on Travelers workers compensation's innovative resources, and responsive, reliable service, visit travelers.com.
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Travelers Casualty and Surety Company of America and its property casualty affiliates. One Tower Square, Hartford, CT 06183 This material does not amend, otherwise affect, the provisions of any insurance policy issued by Travelers. It is not a representation that coverage does or does not exist for any particular claim or loss under any such policy. Coverage depends on the facts and circumstances involved in the claim or loss, all applicable policy provisions, and any applicable law.
Responsive and reliable service
Our responsive and reliable service allows you to focus on your organization's success rather than responding to something that's gone wrong.
More businesses choose Travelers for workers compensation insurance because our services are designed to be better for you, your business and your employees.
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SPEAKER 1: Workers compensation may be a business requirement, but it can also be a strategic business asset. One reason why more businesses choose Travelers for workers comp coverage is our responsive and reliable services designed to be better for you and your employees.
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ADVANCED DATA ANALYTICS
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When there's an injury to one of your employees, Travelers offers a coordinated caring response to help the process run smoothly.
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RESPONSIVE SERVICE
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We provide strong support when your employees need it most. Travelers is the only workers comp carrier to offer a ConciergeCLAIM nurse program. These nurses are Travelers employees not outside vendors. They work directly with your injured employee face to face, in either English or Spanish. This patented program has proven to minimize recovery time, and reduce overall clean costs.
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Our TravCare Nurse Line partners can help triage an employee's injuries to determine the best course of treatment and align resources. Additionally, Travelers nurses will engage with your injured employees to assist them throughout their recovery process. Another key Travelers difference. Our specialized TravComp claim handling model separates claims into three units, investigative, critical claim, and return to work. Each unit is assigned a dedicated specialist to help get your injured employee back to work when medically appropriate. Responsive services like these lead to better outcomes for your organization.
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You can also count on advanced resources, like our Specialized Medical Audit Review Team, SMART, to help manage the total cost of workers compensation risk. These resources have helped to yield a $0.65savings for every medical dollar billed. You can also rely on the more than 250 professionals in the Travelers investigative services unit to help protect your business and your employees from becoming victims of medical fraud.
And finally, since Travelers has A++ rating from A.M. Best, you can trust us to be a stable, financially secure force in the industry, just as we have been for more than 160 years. Rather than dealing with what's gone wrong, Travelers responsive and reliable services free you up to focus on your organization's success. And that's just better for your business. Give your company the strategic advantage of a workers compensation plan from Travelers. Learn more about our innovative resources and flexible solutions at Travelers.com.
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Innovative resources and flexible solutions
Travelers dot com
Travelers Casualty and Surety Company of America and its property casualty affiliates. One Tower Square, Hartford, CT 06183 This material does not amend, otherwise affect, the provisions of any insurance policy issued by Travelers. It is not a representation that coverage does or does not exist for any particular claim or loss under any such policy. Coverage depends on the facts and circumstances involved in the claim or loss, all applicable policy provisions, and any applicable law.
Innovative resources
We continually invest in innovative resources because it’s better for anticipating risks, better for workplace safety and better for meeting your business goals.
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Text, Travelers. Umbrella logo. Workers Compensation innovative resources.
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SPEAKER: When selecting a workers compensation carrier, low premiums may not always be the most cost-effective solution in the long term. What if choosing a workers compensation provider could actually be a critical component of your business strategy?
Travelers offers you a true strategic partnership that's better for your business. At Travelers, we're continually investing in innovative resources, because it's better for anticipating risks, better for workplace safety, and better for meeting your business goals.
Travelers works with technology vendors and artificial intelligence companies to help identify fraud by leveraging image analytics, behavioral data, and social listening. Our risk management information service, RMIS portal, provides self-service access to data, analytics, and data visualization tools.
Here, you'll find helpful performance analytics for peer comparisons, predictive risk modeling, geospatial alignment with weather events, and more. Having this knowledge helps us work together to develop an effective risk management program for your unique operations.
Because some workplace injuries can lead to chronic pain, which is often treated with opioid medications, we've developed the early severity predictor. It's a data driven way to help determine when an injured employee may be at higher risk of chronic pain, enabling earlier intervention and opioid use reduction.
What's more, the My Travelers for injured employees web portal provides convenient one stop digital access to the resources your injured employee needs to manage their recovery and return to work safely. A true strategic workers compensation partner helps you prevent employee injuries in the first place, whether on site or in the field.
My Travelers for business offers more than 1,000 online risk management resources, like Travelers Workforce Advantage, designed to help you build a stronger safety culture. Use our Risk Toolworks mobile app for easy on-the-go access, to help you understand and manage the unique risks facing your business.
At Travelers, we won't stop pursuing workers compensation innovations that are better for your employees and better for your business.
For information on our flexible solutions and responsive, reliable service, visit travelers.com.
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Flexible solutions and responsive, reliable service
Travelers dot com
Travelers Casualty and Surety Company of America and its property casualty affiliates. One Tower Square, Hartford, CT 06183 This material does not amend, otherwise affect, the provisions of any insurance policy issued by Travelers. It is not a representation that coverage does or does not exist for any particular claim or loss under any such policy. Coverage depends on the facts and circumstances involved in the claim or loss, all applicable policy provisions, and any applicable law.
Workers compensation insurance frequently asked questions
Travelers has the answers you’re looking for.
FAQs
Most states require workers comp insurance. In those states where it’s not required, workers comp insurance is highly recommended. Typically, if you issue a W-2, you need workers comp insurance. The workers comp system is governed by state statute and rules around coverage for benefits and penalties for not insuring your employees vary by state.
For example, California generally requires workers comp insurance as soon as you have one employee. Similarly, the state of New York can assess a $2,000 penalty per 10-day period of noncompliance. Check with your insurance agent or your state's labor department to avoid fines for not carrying workers comp insurance.
Workers compensation insurance rates vary based on factors such as a company's state, payroll and claim history. Travelers has a broad risk appetite, can customize insurance programs and offers competitive pricing.
A workers compensation insurance quote is calculated by evaluating many factors, including location, the size of your payroll and claim history. Exact costs vary based on each insurance company, but there is some consistency in how they work together to generate a price for your business.
Workers comp policy quotes are predominantly based on a rate charged per $100 of payroll. These rates can vary depending on your state, the type of work your employees perform and your business's claims history. The type of work employees perform determines the Workers Compensation Classification Code rate. Different types of work are charged different rates. States provide the basis for rates by classification code.
Your business's insurance claims history helps determine your Experience Modification. The rating bureaus calculate the Experience Modification for eligible businesses, the use of which is mandatory on workers compensation policies. Better-than-average claims history may generate a modification factor below 1.00, and worse-than-average claims history may generate a modification factor greater than 1.00.
Because coverage is statutory, many may think that all workers compensation coverage is the same. However, there are vast differences between insurance carriers, especially when it comes to industry expertise, claims handling and service capabilities, risk management training and support.
Travelers offers a wide variety of products that enable customers to tailor insurance solutions to address the unique needs of their business. The quality and experience of Risk Control and Claim services provided by Travelers is unique and at a service level unmatched in the insurance industry.
The broad array of products and services available to our customers include dividend plans, captive programs, managed care plans, bundled and unbundled loss sensitive programs, drug-free safety credits and more. In addition to our loss prevention and claim services, we offer premium audit options and flexible billing services and installment plans.
It depends on your state. Generally, there are two ways to buy workers comp insurance:
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In most states, you can purchase workers comp insurance from a private insurance company through a local agent or a state-run insurance fund.
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A few states require you to purchase from a state-run insurance fund.
An employee could take legal action for a workplace incident even if you have workers comp insurance. For example, an employee who is not subject to the workers compensation law might take legal action if they believe an accident is due to negligence on your part.
A workers comp policy includes Employers Liability insurance. This coverage may help cover legal costs, including a possible settlement or judgment, in a lawsuit against you for workplace accidents that are not covered by a standard workers comp policy.
Your employees are your greatest asset. Workers comp insurance helps protect them and support you so together you can stay focused on growing your business.
For more information about workers compensation insurance and other business insurance solutions, contact a Travelers agent.
The cost of your workers comp insurance depends on several factors, including:
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Number of employees
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Total compensation
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Type of business
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History of workplace injuries
The more employees you cover and the more they earn, the higher your premium may be. Workers comp insurance replaces a percentage of an employee's income after they become disabled. Employees who earn a higher salary may be more expensive to insure.
Workers comp insurance can cost more for dangerous jobs and hazardous industries. For example, a construction company should expect to pay more than a retail company.
Over time, your insurance company will evaluate your workers comp claim history. Fewer claims can result in a policy discount. Multiple claims may result in a higher premium.
Before you sign up for coverage, your insurance agent can estimate the cost of your policy and help you budget.
Related products & solutions
General Liability
Travelers general liability insurance for businesses provides protection from a variety of claims.
Commercial auto and trucking
Travelers commercial auto and trucking insurance offers quality products to protect your business on the road.
Property
When it comes to insuring your commercial property, Travelers has a number of solutions to help keep your property protected.
Business owner's policy (BOP)
Provides a broad array of standard coverage features specifically designed to meet the property and general liability needs of small commercial customers, with the flexibility to further tailor coverage to meet your specific business needs.
Workers compensation claim capabilities
Learn how we can help your business and employees in the event of a workplace injury.
Workers compensation digital advantage
Learn how we're investing in data and analytics to improve the workers compensation claim process.
What is workers compensation for small business?
Workers compensation insurance for small business helps provide protection for you, your business and your employees.
If a work-related injury or disease occurs, workers compensation insurance small business coverage helps provide protection for you and your employees. For injured employees, it helps provide important benefits like coverage for medical care costs and compensation for lost work time.
Most states require small businesses to carry workers compensation insurance – even for temporary or seasonal workers. Workers compensation laws and regulations differ by state. But it doesn't need to be complicated. We’ll help you navigate through the process.
MyTravelers® for injured employees
MyTravelers for injured employees offers digital enhancements to our industry-leading TravComp® model.
This content brought to you by Travelers MyTravelers® for Injured Employees
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NARRATOR: Travelers pays a visit to Eli's Island. A few weeks ago, Eli had a bit of a bad break at work that left him stranded at home. Fortunately with Travelers, Eli has the workers' compensation claim process well in hand. Thanks to TravComp, Eli can access all his claim information from his phone, tablet, or computer. He can download documents, send and receive messages, check doctor's appointments, and track medical and disability payments. As long as Eli is on his island, he's got TravComp. But when it comes to feeding Petey, Eli's on his own. ELI: Bon appétit, Petey.
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Gold fish gulps at water's surface. Text, Trav Comp helping employers do more for their work force. Logo, Travelers.
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