Workers’ Compensation Insurance can help protect employees from the serious costs of work-related injuries while also helping shield employers from claim costs that could put their business operations at risk.
Do you know how much companies pay for employee injury costs each week? OSHA estimates it’s nearly $1 billion. In the U.S., we experience a work injury every seven seconds. That’s 4.26 million workplace injuries each year. Additionally, The National Safety Council estimated that work-related deaths and injuries cost the nation, employers and individuals $171 billion in 2019.1
In addition to covering medical benefits and wage replacement for employees injured on the job, Workers’ Compensation Insurance can provide benefits to dependents of employees impacted by work-related fatalities and help mitigate litigation, including civil suits brought against employers by injured workers.
We understand your company’s workforce is the backbone to keep the business operating. Our solutions go beyond insurance and may include a risk management strategy focused on worker safety to help reduce injuries and their impact on your business. In addition, Zurich has the regional knowledge to take on the challenges of workers’ compensation regulations that vary from state to state, so you can focus on running your business.
Zurich provides a number of coverage and policy options, including Guaranteed Cost, Large Deductible, Self-Insured Retention (SIR) and other loss-sensitive programs, allowing us to customize our offering to the client’s specific coverage and financial requirements.
Workers’ Compensation Insurance is purchased by the employer at no cost to the employee. Should an employee become injured or ill as a result of their employment, Workers’ Compensation coverage would provide benefits for their medical treatment and associated expenses, indemnity benefits for lost wages, and death benefits should the injury or illness prove fatal. Coverage and benefit levels are determined by each individual state’s Workers’ Compensation statutes and may vary from one state to the other.
In nearly all jurisdictions, employers who carry Workers’ Compensation coverage are also protected from civil action through what is known as “exclusive remedy,” where employees are prohibited from suing their employer if receiving Workers’ Compensation benefits.
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1. U.S. Department of Labor/Occupational Safety and Health Administration. “Business Case for Safety and Health.” Accessed 23 January 2024.
2. “Workers’ Compensation Laws By State (2024 Guide).” Forbes Advisor. 21 November 2022.
