Workers Comp Essentials

What is workers’ comp?

Workers’ compensation is a type of insurance that protects employers and their employees from the unexpected cost of workplace injuries.

It is designed to cover medical bills and lost wages when someone is injured at work. Benefits can also include payments to compensate for permanent disabilities and to dependents of workers who are killed in job-related incidents.

Employers who rarely see an injury, particularly small businesses, may be the least prepared to navigate the system and control costs when an accident does happen.

Learn more about work comp

Who needs a policy?

If you have full-time or part-time workers, you are likely required to carry workers’ comp coverage.

Even businesses that don’t currently have employees sometimes purchase policies to cover future workers. In certain instances, owners or officers of companies choose to purchase coverage for themselves, even though it’s not required.

How much will it cost?

The cost of coverage is based on the amount of payroll paid to employees and the type of operation you run.

Certain lines of business have a greater risk of injury and certain employers do a better job keeping their workers safe. Employers with a history of maintaining a safe workplace will pay less to cover their workers than those that don’t make safety a top priority.

What are my coverage options?

Unlike other lines of insurance, workers’ compensation doesn’t offer varying or optional levels of coverage.

Since benefits are spelled out by law in each state, they don’t vary from policy to policy within a given state. When your policy is in place, it covers every work-related injury considered compensable by state law.

We’re local

The Upper Midwest is our home, and we know it well. Headquartered in Bloomington, Minnesota, we proudly serve employers throughout the state, as well as our neighbors in Wisconsin, Iowa, Nebraska and South Dakota.

Learn more about SFM.

What if there is an injury?

If you are a policyholder of SFM, all you have to do is call us.

Our 24-hour work injury hotline puts you in touch with a registered nurse specifically trained in handling work injuries when you need it most — right after an injury happens.

We are the work comp experts

Whether it’s the mechanic who fixes your car or the orthopedic specialist who sets your child’s broken arm, you want to know you’re dealing with an expert.

You want the same in your workers’ compensation insurer—a trusted, reliable, knowledgeable specialist that cares about you and your employees. That’s what you’ll find with SFM.

SFM is the insurer of choice for thousands of employers in the Midwest, and the largest workers’ compensation insurer in Minnesota. Work comp is the only line of insurance we write, and we do it very well. That’s why 95 percent of our policyholders renew with us each year.

Put your workers’ comp in our hands and be confident that you’re working with a trusted partner who has your best interest at heart.

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