- Over 40 Years of Experience
- Licensed in Multiple States
- Comprehensive Proposals Provided
Over 40 Years of Experience
Licensed in Multiple States
Comprehensive Proposals Provided
Hours:
No matter how hard you try to make sure your business operates smoothly and safely, you can't always be there to prevent mishaps, and in those moments, disaster can strike in the form of work-related injuries.
A slip, a fall, or even a loss of limb or life can throw your business into turmoil and cause unspeakable damage to your employees and your livelihood if you do not have a proper workers' compensation insurance policy in place. If one of your employees got seriously hurt on the job today, would you be able to pay for all of the necessary expenses?
Find out more about workers' compensation insurance and how it benefits you, your business, and your employees for unavoidable workplace injuries by calling Ihry Insurance at (701) 557-1727.
Workers' compensation, also known as workers' comp, is a type of insurance that covers financial losses related to on-the-job injury or illness, such as medical bills and lost wages. This type of policy also protects you, the employer, from any potential lawsuits and claims brought forth by an injured employee who alleges negligence that results in injury while carrying out business activities on your behalf.
With the right employee compensation coverage, members of your staff are fully protected when an accident takes place, no matter who is at fault. Having workers' comp insurance is an important aspect of United States labor law and is generally mandatory and guided by the Department of Labor and specific industry and workplace regulations depending on the state in which you own and operate your business.
The major coverages that workers' compensation insurance provides for an injured worker include the following:
Lost Wages
This provides compensation to employees for any lost time and wages suffered after a workplace accident or illness. However, this benefit is typically capped at a specific percentage of the employee’s monthly salary, as well as a limited time period for benefit payments.
Medical Bills
Medical bill coverage allows for the full payment of medical bills that result from workplace injuries, which include doctor’s visits, emergency and follow-up treatment, medical transportation, hospital fees, and rehabilitation services.
Short-Term Work
This provides short-term occupational opportunities for injured employees until they can resume their usual duties.
Lump-Sum Death Benefits
A lump-sum death benefit is payable to employee dependents and, in many cases, allows compensation for final expenses.
Rehabilitation
Workers' comp can provide assistance with career or vocational rehabilitation after a life-changing injury. This includes education and training for a new career if a worker is unable to resume their usual position in the workplace.
Disability Payments
Disability payment compensates an employee for permanent work-related injury and damages that affect their ability to perform specific duties.
It is important to work with your insurance broker to develop the best policy for your workplace needs as regulations and requirements for workers' compensation insurance may vary from state to state.
North Dakota has a state-funded (monopolistic) workers' compensation program and has specific guidelines that employers must follow for providing workers' compensation insurance to their staff.
Workers' compensation laws in Minnesota make having coverage mandatory for all employers in the state except for a few exempt entities that are outlined in state statutes. However, the state does not offer insurance directly.
The cost of workers' comp insurance is difficult to predict without specific information, such as the state the business operates in and how much compensation and coverage state-mandated regulations require each employee to receive. The cost of medical care in the area in question is also an important factor in determining premium rates.
Unlike other types of insurance such as health or dental, workers' comp has no deductible payment attached to it and is not tightly controlled. This makes it important to work with an experienced business insurance agent to ensure that your policy costs remain under control.
As a business owner, one of your top priorities is your employees’ health and keeping them safe in the workplace. It only takes a split second for something to go wrong that leads to a long and difficult journey to full physical and financial recovery.
Having workers' compensation insurance ensures that your business and its employees are fully protected if an unfortunate incident occurs. It provides the security and compensation necessary to support your employee as they recover, and it also assists you with getting your business operations back to normal as soon as possible.
Contact Ihry Insurance today and speak with one of our agents to confirm your state regulations and to get a free workers' compensation insurance quote.
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(701) 557-1727
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