Job-related accidents happen when you least expect it. The law requires all employers in South Bend to have a workers’ compensation insurance policy. That’s why it’s important to have the right insurance coverage to shield you and your employees from huge financial losses in the case of an unforeseen accident.
When you work with a local independent insurance agent in South Bend, it’s easy to find the best workers’ compensation insurance for you. They will offer you multiple customized worker's compensation insurance quotes at competitive prices that fit your needs. Find a local insurance agent in or near South Bend to get started.
Is Workers' Compensation Insurance Required in South Bend, Indiana?
All businesses in South Bend must 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 size of the revenue, you are required to hold a policy. Employers in South Bend must provide workers' compensation insurance coverage to:
- Full-time and part-time employees
- Students receiving federally funded job training
- Employees working for an Indiana company outside the state
However, there are a few exceptions to who needs coverage in South Bend that include:
- Federal employees, including railroad workers (they are covered under federal workers’ compensation programs)
- Independent contractors
- Real estate professionals
In addition to workers’ compensation insurance, you may also consider extra lines of commercial insurance protection such as:
- Commercial auto: Provides coverage of physical damage and liability insurance for vehicles used by your business.
- Commercial building: Provides coverage to your buildings, equipment, inventory and even customers' personal property.
- Commercial boat: Provides protection of goods and equipment in transit.
How Much Does Workers' Compensation Cost in South Bend, Indiana?
Employers in South Bend pay some of the lowest workers’ compensation insurance premium rates in the country. The average premium cost for a South Bend employer is $0.80 per $100 in payroll, which is the second-lowest in the nation.
The Indiana Compensation Rating Bureau (ICRB) is a private nonprofit 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 dangerous the job, 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.
South Bend, IN Workers' Compensation Covers the Cost of Medical Treatment
Medical treatment needed to recover will be paid by workers’ compensation insurance in South Bend. This includes work-related injuries and 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 South Bend, IN Employees
If a work-related accident doesn’t allow an 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.
Employees who are temporarily totally disabled due to a work-related injury will receive two-thirds of their average weekly wages 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 South Bend, IN
Unfortunately, sometimes work-related accidents result in fatal injuries. Workers’ compensation insurance can help surviving dependents and family members with financial hardships.
Worker's comp will cover burial costs up to $10,000. In addition, the employee’s family will receive death benefits that include a portion of their weekly wages.
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
- Failure by an employee to report incident in time
However, if your or one of your employees feel that a workers’ compensation claim was unjustly denied, or are unhappy with the settlement, you will have to contact legal counsel. The statute of limitations runs out two years after the last date of compensation paid.
How Can you Find the Best Workers' Compensation Insurance Policy in South Bend, IN?
Employers in South Bend can work with local independent insurance agents to find the right workers’ compensation policy for them and their employees. Independent agents work with multiple insurance companies to compare prices. That way you can pick the policy that fits your needs.
Use independent agents to find the best insurance plan in South Bend. You specify what you’re looking for, and the network will recommend the best agents for you. Your information is not sold to third parties. Any information you provide will be sent only to the agents you pick.
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