The cost of workers’ compensation primarily depends on the number of employees at your tech company.
Tech businesses pay a median premium of $36 per month, or $436 per year, for workers’ compensation insurance. This median price gives you a better idea of what you might pay than an average value, which includes high and low extremes.
Larger tech companies with more employees will pay more for this policy. Though it's not usually an issue for tech companies, businesses with higher occupational risks also pay more for this coverage.
Workers’ comp does not have limits for how much it pays out on an injury or illness. However, most workers’ compensation policies include employer’s liability insurance, which does have limits.
Employer’s liability insurance pays an employer’s legal costs up to the policy limit if an employee sues over a work injury or illness. Higher limits cost more, but you can also receive a higher payout on a claim.
Beyond choosing lower employer's liability limits, a tech business can save money in other ways:
Pay your annual premium in full. When you purchase a policy, you can pay your premium in monthly or annual installments. The annual premium often costs less than paying month by month.
Manage your risks. Technology companies with no previous claims on their insurance can expect to pay less for business insurance. Business owners can avoid claims with a risk management plan for workplace safety. That could include: