From manufacturing plants to consulting firms, Hammond is home to a variety of businesses of different sizes and scope. You never know when a job-related accident will happen. That's 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 in Hammond will work with you 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 Hammond, Indiana?
All businesses in Hammond are required by law to have workers’ compensation insurance for their employees. Unlike many other states, in Indiana it doesn’t matter how many employees you have at your company or the amount of your revenue. Hammond employers must provide worker's compensation 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 in Hammond 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 Hammond, Indiana?
Hammond employers pay some of the lowest workers’ compensation insurance premium rates in the country. The average premium cost for a Hammond 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 is 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 dangerous the job, the higher the premium. It can also be affected by your workers’ compensation claims history, but insurance companies offer discounts to employers who choose to implement certain risk avoidance measures.
Does Workers Compensation Pay for the Cost of Medical Treatment in Indiana?
Workers’ compensation insurance in Hammond will pay for all the medical treatment needed for employees to recover from work-related injuries or occupational illnesses. 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
Workers’ Compensation Insurance Provides Disability Coverage for Hammond, IN Employees
If a work-related accident doesn’t allow am employee to return to work for more than seven consecutive days, they are entitled to weekly income benefits. If they are unable to work for 21 days, then they will be reimbursed for the first week of lost time.
Injured employees who are temporarily totally disabled 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 Hammond, 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 failure to report incident in time
However, if an employee feels that their workers’ compensation claim was unjustly denied or they are unhappy with the settlement, they will have to contact legal counsel. The statute of limitations runs two years after the last date of compensation paid.
How Can You Find the Best Workers' Compensation Insurance Policy in Hammond, IN?
A local independent insurance agent can helpyou find the right workers’ compensation insurance policy for your Hammond 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 Hammond. You specify what you’re looking for, and the network will recommend the best local agents for you. Any information you provide will be sent only to the agents you pick.
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