Almost every business in the United States that has employees has to handle the problem of workers? compensation. Most states in the US require employers to purchase this insurance policy to handle their statutory obligations to workers who are injured due to a workplace accident. It does not matter if your business is small or large, handling the expense and effort of meeting those statutory obligations is required, and, in reality, it?s often an affordable benefit that helps protect you and your employees.
So, yes, small business owners too need to provide employees with a worker?s compensation policy that ultimately covers?medical expenses, death benefits, lost wages, and vocational rehabilitation.? If, for some reason, your company does not provide employees with worker?s compensation and one of them were to get injured on the job, you could not only be stuck with paying for their injury out of your own pocket, but also end up paying some pricey fines that are regulated by the state.
One thing you must understand is that worker?s compensation policies vary throughout the country.? According to America?s federal system, it is up to each individual state to decide what their rules and regulations over worker?s compensation policies are.? Most state policies state that businesses can purchase their individual policy through an insurance company.? However, as stated above, each state is different, and five states (North Dakota, Ohio, Washington, West Virginia, and Wyoming) require businesses to get coverage through their state-operated funds, which are sometimes called monopoly state funds and these are not private.
Thirteen other states also maintain a state fund, but these states also say that the business has the choice to use either the state fund provided, or take their own route through a private insurance agency.? These states are: Arizona, California, Colorado, Idaho, Maryland, Michigan, Minnesota, Montana, New York, Oklahoma, Oregon, Pennsylvania, and Utah.
As you can tell, worker?s compensations rules and regulations can vary tremendously, but the one thing that stays consistent are the rules established by the National Counsil on Compensation Insurance (NCCI).? This organization helps create policy forms and rules for most of the states in the US.? Let?s face it, more often than not businesses are not going to create their own manuals of rules, so it?s much easier to work with the NCCI, perhaps tweak it up a bit, and use their rules and regulations for your company.
Whether it be ten employees or even just one, as long as you?re paying someone to help you with your business, worker?s compensation is something you have to buy, and more often than not, it?ll be something you?re glad you did.
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