Workers Comp Experts

It doesn't matter what type of business you own or manage - anyone is susceptible to workers comp claims. The team at Millennium Brokers can build a custom coverage solution, so you can rest easy knowing your business and employees are properly protected.

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"Kirk and the Crew at Millennium have gone above and beyond to help me find the right insurance for my rental properties. They always take the time to explain the options of each company they bring to the table. I highly recommend Millennium Brokers for all your insurance needs. "

What is Workers Compensation Insurance?

Workers’ compensation is insurance that provides cash benefits and/or medical care for workers who are injured on the job. This can include an employee that becomes ill later at a later time. It is usually referred to as work comp insurance.

Employers pay for work comp insurance, and shall not require the employee to contribute to the cost of compensation. Weekly cash benefits and medical care are paid by the employer’s insurance carrier.

In a workers’ compensation case, no one party is determined to be at fault. The amount that a claimant receives is not decreased by his/her carelessness, nor increased by an employer’s fault. However, a worker loses his/her right to workers’ compensation if the injury results solely from his or her intoxication from drugs or alcohol, or from the intent to injure him/herself or someone else.

A claim is paid if the employer or insurance carrier agrees that the injury or illness is work-related. If the employer or insurance carrier disputes the claim, no cash benefits are paid until the workers’ compensation law judge decides who is right. If you can return to work but your injury prevents you from earning the same wages you once did, you may be entitled to a benefit that will make up two-thirds of the difference. You may also return to work in light or alternate duty before you are fully healed.

No Matter The Industry, We'll Reduce Your Workers Compensation Costs -

If you're looking for a reputable and robust Work Comp and risk management program for your business, Millennium Brokers is the firm you can trust without hesitation. With access to multiple Workers Comp insurance carriers, we can truly provide a custom insurance plan for you and your employees.

Restaurants

Construction

Retail

Healthcare

Offices

Education

How Much Does Work Comp Cost?

Workers compensation is all dependent on the industry and payroll. Each industry is given a class code to help insurers calculate how much to charge. Different industries cost more than others depending on their risk. Roofers for example, will pay a much higher rate than a business with just office employees.

It is also dependent on the amount of payroll so your price at the beginning can change throughout the year. Unlike personal insurance, where you have a set price, you will do an audit at the end of your policy to determine the final cost.

How Can I Pay for My Workers Compensation?

There is a a variety of different ways you can pay and it is usually dependent on the company. At Millennium Brokers, we offer a variety of different payment plans and some even include $0 to very little money down!

Pay as You Go

Requires very little money down and you pay monthly based on your payroll. 

Monthly

With this option, you make a monthly payment on a set date every month. 

Annual

With this option, you make one large payment at the beginning of your policy.  

Who is Required to Carry Workers Compensation?

A business is required to have workers' compensation coverage as soon as the business hires their first employee in most states. However, some state laws require coverage at two or more employees. Some states don't require you to carry workers compensation at all.

In Missouri, you are required to carry workers comp insurance once you hire your 5th employee although you can purchase it sooner. If your business is considered to be construction, you have to purchase work comp when you hire your first employee. Each state has its own rules and regulations.

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