In Michigan, if you have employees, you are required by law to have workers’ compensation insurance. Workers’ comp is designed to cover the costs associated with injuries and illnesses your employees may suffer in the course of doing their jobs. In Michigan, this coverage can be purchased through a commercial provider or through the state fund. With approval, your company has the option to self-insure.
Costs for coverage are based on the types of jobs your employees do. Unlike other states, which set workers’ compensation rates by class code, Michigan has allowed each insurance company to set its own rates since 1983. Because of this, costs can vary significantly from one insurer to the next. This makes comparison shopping an important step in buying coverage. The upside to this open competition system is that it tends to drive rates down as insurers compete for your business. As such, rates in this state are about 9% lower than the median rate for the rest of the country.
We were looking for workers comp insurance and we found an agent through TrustedChoice.com. We've used them in the past, and they have always been reliable. Our Agent got us the coverage we needed and he was able to deliver the quote in a timely manner.Debbie of Grand Rapids, MI Consumer Affairs
Workers’ compensation insurance is designed to protect employees as well as employers to ensure that workplace injuries do not result in large financial losses. If an injury was the result of intentional negligence, drug or alcohol impairment, or occurred outside the workplace, the claim is likely to be denied. If you or your employees wish to contest a denied claim, you can appeal the decision through the Michigan Workers’ Compensation Agency. Your workers' comp policy can cover the following:
There are currently 899 independent insurance agents in Michigan who can help you find the best workers’ compensation insurance policy to cover your company. Your agent can save you time and money by working with several different insurance providers to find appropriate coverage at the most competitive rates. Talk to an agent near you to start comparing customized workers’ compensation insurance quotes.