Cheap Workers Compensation Insurance Quotes Michigan

Since 1912, Michigan has required businesses to provide worker’s compensation insurance for their employees. This can be linked to the state’s industrial revolution that saw the need to provide protection to employees while performing their job. This also explains why the workers compensation in Michigan is quite strict. Therefore, it is a must for business owners to obtain this policy for their employees.

Cheap Workers Compensation Insurance

Workplace Injury and Fatalities Statistics in Michigan

As of 2019, the US Bureau of Labor Statistics has recorded 164 fatal work injuries in Michigan. This number has gone up from the previous year. The fatalities can be attributed to any of the following causes or contributors:

  • Transportation incidents
  • Violence inflicted by humans or animals
  • Falls and slips
  • Contact with work equipment

Majority of the fatalities in the workplace in Michigan also involved the private sector.

Who Needs to Carry Workers Compensation Insurance in Michigan?

All businesses that have one or more full-time employees, or those with three or more part-time employees, must secure workers comp insurance. Even public employees are required to carry it.

The only exception to this would be sole proprietors, LLCs, independent contractors, partnerships, and agricultural employees.

Cheap Workers Compensation Insurance

Rates and Cost of Insurance in Michigan

If you are looking for cheap workers compensation insurance, it is important to know what factors can affect the cost of the premium first. Every company is different; therefore, insurance providers will calculate the price of your premium based on the number of employees you have and the size of the payroll.

The class code of your business can also impact the rates of insurance. Certain jobs are more risky and make the employees prone to suffering injuries or accidents. Therefore, they are also more expensive to insure.

When buying insurance, make sure to gather as many quotes as you can from different insurance companies. Look at the overall cost of the insurance coverage and the specific details of the policy. It is important to get adequate coverage for your risk type.

To help you find the right coverage, you need to assess what your employees need. It is also a good practice to check with the state’s minimum coverage requirements to ensure that you can get this type of coverage or higher.

However, if you do have a history of making claims for workers comp, then there is a likelihood that it will impact the rates quoted by insurance companies.

Shopping for Cheap Workers Compensation Insurance in Michigan

Finding affordable workers compensation insurance is easy if you know where to look. It is best to do your own research so you can do a thorough comparison of the premium price and policies.

You can also use insurance advisors to guide you through your options. They can advise you on the best policies to choose based on the extent of coverage you need and your budget.

If you are self employed, you are not required to obtain this insurance policy. But if you are employing more than three people and you fail to carry this insurance, you are subject to a fine of $1,000 and up to 30 days of imprisonment.

Cheap Workers Compensation Insurance Quotes Near Me

Cheap Workers Compensation Insurance Quotes Michigan

Best Workers Compensation Insurance Companies

CAM Workers Comp Plan

18645 Canal Rd Suite 4, Clinton Twp, MI 48038

(586) 790-7810

Workers Compensation Agency

3026 W Grand Blvd # 3-700, Detroit, MI 48202

(313) 456-3650,5863,7-336-94422_95508---,00.html

Compensation Advisory Organization of Michigan

17197 N Laurel Park Dr Suite 311, Livonia, MI 48152

(734) 462-9600

Michigan Workers Comp Lawyers

30101 Northwestern Hwy Ste 250, Farmington Hills, MI 48334

(248) 284-7285

Michigan Workers Comp Lawyers

44444 Mound Rd, Sterling Heights, MI 48314

(586) 620-8300

Workers Compensation Agency

940 10th St N, Kalamazoo, MI 49009

(269) 544-4440

Rochester Hills Insurance Group

145 S Livernois Rd #172a, Rochester Hills, MI 48307

(248) 707-2560

Michigan Workers Comp Lawyers

330 Fulton St E #250, Grand Rapids, MI 49503

(616) 871-2820