Workers’ Compensation

Importance of
Workers’ Compensation Insurance

To become a member of the HBA of Greater Springfield businesses must have a B or Better grade with the BBB (Better Business Bureau), General Liability Insurance & Workers’ Compensation Insurance*

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More Info About HBA Membership Requirements What is Workers’ Compensation? Collapse

Workers’ compensation (workers’ comp) is a form of accident insurance paid by employers. No payroll deductions are taken out of employees’ salaries for this insurance. If you’re injured on the job or acquire a work-related illness, workers’ comp will pay your medical expenses, and if you can’t work, it will also cover wage-loss compensation until you’re able to return to work.

Workers’ Compensation insurance is a type of coverage purchased by an employer that is designed to serve two purposes.

  1. A typical policy insures that workers injured on the job get medical benefits and wage compensation for a portion of the income they lose while unable to work.
  2. Workers’ compensation insurance also protects your company from lawsuits brought by workers who were injured while working. Ask your Fortner Insurance representative how we can help protect you and your employees in the event of a workplace injury.
Facts to Know! Expand
  • ANY employer in the CONSTRUCTION industry is required to carry workers’ compensation insurance if it has one or more employees
  • All other employers are required to carry workers’ compensation insurance if they have 5 or more employees
  • Per the Department of Labor: The definition of “employee” includes both full and part-time employees, and includes every person in the service of an employer under ANY contract of hire, express or implied, oral or written, or under any appointment or election, including executive officers of a corporation. Quick translation – An employee is defined as a W-2 employee, a subcontractor, a volunteer or a family member
  • If anyone is working on your job site without workers’ compensation insurance, you could be liable if they get hurt
  • Is a company that only employs family members required to carry workers compensation insurance by state law?
    • If the company is an LLC: The company is required to carry workers compensation insurance per statute 287.037
    • If the company is incorporated: The company can exempt themselves from workers compensation insurance. They must file form WC-134
  • The HBA of Greater Springfield requires our members to provide proof of workers’ compensation insurance coverage if they are required by state law to carry workers’ compensation insurance

For more detailsclick here (Flyer provided by Missouri Department of Labor & Industrial Relations)

How do you know a company has this insurance? Expand

The best way to determine if a company has Workers’ Compensation insurance (or any necessary insurance) is to request the name and number of their insurance agency. Once that information is shared with you, reach out to the insurance agency and request a copy of the company’s certificate of insurance.

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