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How Much Does Workers' Compensation Cost for Technology Businesses?
Costs vary by state, job duties, and number of employees.
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What Is the Cost of Workers' Compensation Insurance for a Technology Business?

The cost of Workers' Compensation Insurance depends on a number of factors, such as…

  • The number of employees you have.
  • The laws in the state(s) where you do business.
  • The type of work you do.
  • The risks your workplace exposes you to.

Any of these factors can impact the cost of Workers' Comp. This makes it difficult to estimate a business's premium without knowing the details of its operations. But you can get an idea of what Workers' Compensation typically costs for your state and industry from Insureon's comprehensive analysis.

What Does Workers' Compensation Insurance Cover?

Workers' Compensation Insurance covers the costs associated with illnesses or injuries your employees suffer while working, including the employee's…

  • Medical bills.
  • Lost wages.
  • Ongoing care.

Worker's Comp may also cover your legal costs if an employee sues over a work injury that isn't covered.

Every state has its own Workers' Compensation regulations. You can find a state-by-state guide to Workers' Compensation laws at Insureon.

Sample Workers' Compensation Insurance Quote: Small IT Consulting Firm

In this example, we consider a "small" firm to be one that has…

  • Between $250,000 and $1 million in annual revenue.
  • Between 0 and 2 staff employees.
  • Between 0 and 5 programmers.
  • For a Missouri business: class 8803-06, payroll of $100,000.
  • For a Texas business: class 8810-08, payroll of $434,800.

Sample annual premium: $2,441*

Coverage limit for bodily injury accidents (per accident): $1 million.

Coverage limit for bodily injury diseases (per employee): $1 million.

Coverage limit for bodily injury diseases (policy aggregate): $1 million.

Sample Workers' Compensation Insurance Quote: Independent Contractor / Web Designer

This sample quote is based on an independent contractor who is…

  • A sole proprietor.
  • In Illinois under class 8859-02.
  • Bringing in $140,000 per year in revenue.

Keep in mind that your actual Workers' Compensation cost depends on where you operate and how much you earn, among other things.

Sample annual premium: $641 – $1,100*

Coverage limit for bodily injury accidents (per accident): $1 million.

Coverage limit for bodily injury diseases (per employee): $1 million.

Coverage limit for bodily injury diseases (policy aggregate): $1 million.

Sample Workers' Compensation Insurance Quote: Large IT Consulting Firm

In this example, we define a large firm as one that has:

  • Between $3 million and $10 million in annual revenue.
  • Between 6 and 10 staff employees.
  • Between 10 and 50 programmers.

Sample annual premium: $10,993*

Coverage limit for bodily injury accidents (per accident): $1 million.

Coverage limit for bodily injury diseases (per employee): $1 million.

Coverage limit for bodily injury diseases (policy aggregate): $1 million.

We chose Kansas as the example state of operation to generate this quote. To give you a better idea of how payroll and classification can affect a Workers' Comp premium, here are four examples of Kansas firms that might have a premium close to this sample:

  • Class 5191-08; payroll = $360,000.
  • Class 8742-17; payroll = $154,000.
  • Class 8803-06; payroll = $3,811,300.
  • Class 8810-02; payroll = $850,000.

Get Free Workers' Compensation Quotes for Your Business

When you're ready to find out what Workers' Compensation Insurance costs for your business, complete our online application. When you finish, one of our agents will email quotes for you to compare.

If you have any questions about your coverage needs or policy options, feel free to contact your TechInsurance agent.

*Important note: These premiums are auditable. After the policy's expiration, your insurance company may request a report of your actual payroll during the coverage period. If that number is different from the one on your application, you could be charged an additional premium (if you underpaid) or be given a premium credit (if you overpaid). For this reason, it's important to contact your agent or carrier if you hire or let go employees during the life of your policy.