Employers in Kentucky are responsible for providing their workers with a safe and healthy environment in which to do their jobs. Unfortunately, even with safety precautions in place, accidents sometimes happen. If one of your workers gets injured or becomes ill on the job, your business is responsible for covering their medical treatment and financial losses. Workers’ compensation insurance can help.
Local independent insurance agents can help you find the best and most affordable workers’ compensation policy to cover your Kentucky business. Contact an insurance agent near you to get started.
The state of Kentucky mandates that all businesses with at least one employee must carry workers’ compensation insurance. There are a few exceptions. It is not necessary to purchase coverage for sole proprietors, LLC members, or partners, though you may if you want to.
Employers in Kentucky are also not required to cover:
If you are unsure about whether you need to purchase coverage, you can consult with a local independent insurance agent.
Every business is different, and, just like with business insurance, workers’ compensation rates will vary according to the company’s size, industry, and scope. Your cost for coverage will be based mainly on the types of work your employees do and your company’s overall payroll amount.
Every kind of job is assigned a classification code. Coverage rates for each class code are set by the Kentucky Department of Workers’ Claims in accordance with the job’s associated risks.
Commercial insurance providers are required to use these standardized rates as a starting point, but they are permitted to offer discounts and incentives of up to 25% based on your company’s safety rating, claims history, and experience modification. That is why comparing quotes is beneficial.
The following are average rates paid per every $100,000 in employee payroll for some common jobs in the state of Kentucky:
As you can see, it costs far more to insure workers who have a high risk of injury (such as roofers) than workers who very rarely suffer serious injuries in the workplace (such as office workers).
For help obtaining actual, customized quotes for your particular business, contact a local independent insurance agent.
Workers’ compensation insurance (sometimes referred to as “workman’s comp”) covers the costs associated with on-the-job injuries and occupational illnesses. You can expect your policy to pay for the following:
You can learn more about each of these benefits by talking to a local independent agent.
Occasionally, a workers' compensation claim may be denied. There are a number of reasons this may occur such as:
If you believe that your workers’ compensation claim was unjustly denied, the decision may be appealed. You can do this by filing a petition with the Kentucky Department of Workers’ Claims. Your case will be heard by an administrative law judge, who will issue a ruling at the hearing. If you are unhappy with this ruling, you can appeal it by submitting a petition for review to the state.
If you are searching for a competitively priced, industry-appropriate workers’ compensation policy to cover your Kentucky business, an independent agent can help. These agents can help you obtain and compare customized quotes from different insurers, and can ensure that you are getting coverage from a reliable insurance provider that specializes in covering businesses like yours.
Discover how easy it can be to find the right workers’ compensation policy for your business. Contact one of the more than 330 independent insurance agents in Kentucky to get started.