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What Is Workers’ Compensation Insurance?
Workers' compensation insurance gives employees medical, wage and other financial benefits if they are injured or become ill on the job. This coverage is required in most states. Workers' compensation insurance is also known as workman's comp or workers' comp insurance.
A Workers’ Compensation Guide for Employers
In most states, employers need to have workers' compensation insurance to help cover an employee’s work-related injury or illness. This insurance gives your employees benefits, which can help:
- Pay for medical treatments
- Cover Funeral expenses
- Provide disability payments
- Replace lost wages
When it comes to workers’ comp employer obligations, you’ll likely need to buy coverage through a state-funded program or private insurance company, like The Hartford. Our specialists can help you obtener una cotización today to protect your business.
Are Employers Required To Carry Workers’ Comp Insurance?
A question many small business owners have asked us is, “Do I need workers’ comp?” And the answer is that it depends on where you do business. While most states require employers to carry workers’ compensation insurance if they have employees, specific state laws vary. This means you’ll need to check your state’s workers’ compensation requirements to make sure you’re following the law.
Even if you’re not required to carry this insurance, it still may be a good idea to have it. Without it, you might have to pay out of pocket for your employees to recover from a work-related injury or illness. Your employees will also appreciate you having this coverage because of the benefits it provides them.
What Are Workers’ Comp Employer Obligations?
States have different requirements for workers’ comp coverage, but you’ll generally need to follow these steps:
1. Get Workers' Compensation Coverage
Before you get coverage, you’ll need to see if your state is monopolistic or competitive.
Monopolistic states require you to get coverage from a state fund. These states include:
Competitive states let you choose between a state fund or a private insurer. Some of these states include California, Arizona o Maine.
If you’re in a competitive state and you choose to get a policy from The Hartford, you’ll get comprehensive coverage and your employees can access:
- A preferred medical provider network
- More than 65,000 pharmacies
- Opportunities to work with nurse care managers
We also offer pay-as-you-go workers’ compensation to help ensure your rate is more accurate.
When it comes to workers’ comp insurance for small businesses, our goal is to help your employees get back on their feet by providing the right care and attention.
2. Post a Notice of Compliance
Posting a notice of compliance with workers’ compensation laws can help your employees respond if someone gets hurt on the job. This document should include important information like your insurance carrier and the effective date of your policy. Your employees can use this to give health care providers insurance information if an accident occurs.
3. Meet State Workers’ Compensation Board Requests
Your state’s workers’ compensation board is responsible for reviewing workers’ compensation claims and helping decide if they’re covered or not. They’ll likely request information on your employee and their injury or illness. It’s important to make sure you provide them with accurate information to prevent any delays.
4. Ensure Medical Treatment Is Immediately Available
To help your business stay prepared for any injuries or illnesses, you’ll want to:
- Keep first-aid supplies stocked and easily accessible
- Train employees and managers on emergency response plans
- Keep updated emergency contacts on file for your employees
However, if a worker gets injured or ill on the job, you’ll need to respond immediately by calling 911.
5. Report the Employee Injury
In some states, employers need to file a “report of injury” if their injured workers need medical care that goes beyond first aid or if they need more than two treatments from a doctor. If your state requires this report, you’ll need to mail it to your nearest workers’ compensation board office and provide a copy of it to your insurance company. If you don’t, you’ll have to pay a fine or may be found guilty of a misdemeanor.
6. Do Not Retaliate
As an employer, it’s important to never retaliate for a workers’ compensation claim because that’s discrimination against the employee who filed the claim.
Penalties if Workers’ Compensation Employers Requirements Are Not Followed
If you don’t provide workers’ comp coverage when your state requires it or you commit workers’ compensation fraud, you may face penalties, such as:
- Fines: Your state decides how much of a fine you pay for not having workers’ compensation insurance. Generally, the longer you’ve gone without coverage, the higher your fine.
- Prosecution: You may face criminal charges for not providing workers’ comp insurance to your employees.
- Lawsuits from injured employees: If your employees get a work-related injury or illness, they can sue you.
On top of these penalties, you can also be financially responsible for the costs of medical expenses and disability payments for work-related injuries.
Without workers’ comp, you’d have to pay out of pocket for expensive medical bills if one of your employees:
- Suffers an injury while stocking shelves and has a permanent disability.
- Slips and falls in your office and needs physical therapy.
- Breaks an arm in an accident while driving to a customer’s house.
Best Practices for Workers’ Comp for Employers
One of the best ways to protect your employees is to create a safe working environment. Doing so can reduce the risk of injury or illness, which can prevent a claim from getting filed. Some best practices for workers’ comp for employers include:
- Policy reviews: You should review your coverage regularly to make sure that it’s meeting the requirements of your business. If there are gaps in coverage, this review will allow you to identify them and fill them to reduce risk.
- Safety training: When you train your employees, you reduce their injury risk on the job. This can reduce claims in the long run.
- Safety inspections: These inspections allow you to identify and fix hazards in your workplace before an accident happens.
- Emergency preparedness: It’s important to train employees on emergency procedures including evacuation routes and fire drills.
- Personal protective equipment (PPE): Providing and training employees on how to use PPE is essential for avoiding accidents on the job.
- Early reporting: You’ll want to encourage and facilitate early reporting of injuries and illnesses. Faster treatment can lead to potentially less severe injuries.
Frequently Asked Questions About Workers’ Comp for Employers
Does My Employer Have to Hold My Job While on Workers’ Comp?
Most states do not require employers to hold a job open if their employee is unable to perform their job’s duties because of a work-related injury or illness.
What Is the Waiting Period for Workers’ Compensation?
A waiting period is the amount of time before workers’ compensation benefits begin. These typically vary by state. However, in most cases, the waiting period is three to seven days.
What Is the Payroll Limit for Workers’ Comp?
In most cases, workers are paid two-thirds of their wages for any work missed, up to the maximum that your state has set.
Is Workers’ Comp Mandatory?
Workers’ compensation is mandatory in most states. To be sure, you can check with your state’s requirements.
More Information About Workers’ Comp for Employers
If you need help understanding the need for workers’ comp for employers, we’re here for you. Our specialists can work with you to answer your questions, understand your risks and get you the small business insurance you need. Obtenga una workers’ compensation insurance cita from us today.
Última actualización: 19 de agosto de 2024
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