From manufacturing plants to accounting firms, Carmel is home to a number of companies ranging in different size and scope. You never know when a job-related accident will happen, which is why it's important to make sure that you are covered with the right workers’ compensation insurance policy for you.
A local independent insurance agent will work with employers in Carmel to get an affordable workers’ compensation insurance policy to protect your business. Find an independent agent near you to get started.
Is Workers' Compensation Insurance Required in Carmel, Indiana?
All employers in Carmel are required by law to have workers’ compensation insurance for their employees. Unlike many other states, in Indiana it doesn’t matter how many workers you have at your company or the size of your revenue. Employers must provide business insurance coverage to:
- Full-time and part-time employees
- Students receiving federally funded job training
- Employees working for an Indiana company outside of the state
However, there are a few exceptions to who needs coverage that include:
- Federal employees, including railroad workers (they are covered under federal workers’ compensation programs)
- Independent contractors
- Real estate professionals
How Much Does Workers' Compensation Cost in Carmel, Indiana?
Carmel employers pay some of the lowest workers’ compensation insurance premium rates in the country. The average premium cost for a Carmel employer is $1.06 per $100 in payroll, which is the second-lowest in the nation.
The Indiana Compensation Rating Bureau (ICRB) is a private non-profit unincorporated association of all insurance companies. It is a statutory rating organization that writes the workers’ compensation insurance in Indiana and where insurance providers get their rates.
The rates you pay are impacted by the type of work your employees do, and identified by the employee classification. The more life-threatening the job is, the higher the premium. It can also be affected by your workers’ compensation claims history. However, insurance companies offer discounts for employers who choose to implement certain risk avoidance measures.
Carmel, IN, Workers' Compensation Covers the Cost of Medical Treatment
Workers’ compensation insurance in Carmel will pay for all the medical treatment needed to recover. This includes work-related injury or occupational illness. The medical providers will be paid directly, so the employer and employee can focus on getting back on track. Medical treatment that is included in the coverage:
- Doctor appointments
- Hospital bills
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Workers’ Compensation Insurance Provides Disability Coverage for Carmel, IN, Employees
If a work-related accident doesn’t allow you to return to work for more than seven consecutive days, you are entitled to weekly income benefits. If you are unable to work for 21 days then you will be reimbursed for the first week of lost time. Temporarily totally disabled work-related injured employees will receive two-thirds of their average weekly wage for the past 52 weeks. An employee can receive up to $600 per week for an accident that occurred during a previous year.
Compensation for Workplace Fatalities in Carmel, IN
Unfortunately, sometimes work-related accidents result in fatal injuries. Workers’ compensation insurance can help surviving dependents and family members with financial hardships.
The employer will cover burial costs up to $10,000. The employee’s family will receive death benefits that include a portion of weekly wages through their workers’ compensation insurance.
What Can Cause a Workers’ Compensation Claim to Be Denied?
Workers compensation claims are sometimes denied. This may occur if the injuries resulted from:
- An employee’s drug use
- Alcohol consumption
- Failure by an employee to perform a statutory duty
- Employee fails to report incident in time
However, if you feel that you workers’ compensation claim was unjustly denied or you are unhappy with the settlement, you will have to contact legal counsel. The statute of limitations runs for two years after the last date of compensation paid.
How Can you Find the Best Workers' Compensation Insurance Policy in Carmel, IN?
A local independent insurance agent can help you find the right workers’ compensation insurance policy for your Carmel employees. Independent agents work with many insurance companies to compare prices and find a provider who specializes in covering businesses like yours.
Use independent agents to find the best insurance plan in Carmel. You specify what you’re looking for, and the network will recommend the best local agents for you. We do not sell to third parties, Any information you provide will be only sent to the agents you pick.
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