A metal worker is injured by an industrial machine. A nurse sprains her back while moving a patient. A prep cook cuts himself with a knife and needs stitches. One thing these injuries have in common: If they happened to employees while on the job, they can be covered by workers’ compensation insurance. If you are an employer in Bowling Green, Kentucky, an independent insurance agent can help you find the best and most affordable workers’ compensation insurance policy to cover your business. Contact a local insurance agent to learn more.
Is Workers’ Compensation Insurance Required in Bowling Green, KY?
All Bowling Green businesses must be in compliance with Kentucky state laws. This state mandates that if you have at least one employee, you need to carry workers' compensation insurance. There are a few exceptions. It is not necessary to purchase coverage for sole proprietors, LLC members, or partners, but you do have the option to cover these workers if you wish. It is also not necessary to purchase coverage for farmworkers, domestic servants in a home that has fewer than two full-time workers, or railroad and maritime workers since they are already protected by federal laws.
How Much Does Workers' Comp Insurance Cost in Bowling Green?
The good news for Kentucky employers is that rates for workers' compensation insurance in this state are about 18% lower than the national average. Your cost for coverage will depend on the types of jobs your employees do and your company’s overall payroll. Every job is assigned a classification code, and rates for each class code are set by the KY Department of Workers’ Claims. The more likely a worker is to suffer a serious injury, the higher the cost for coverage.
Commercial insurance providers are required to use these base rates when calculating costs. However, they are permitted to offer rate discounts of up to 25%. It, therefore, is in your best interest to compare a few quotes before selecting a policy. The following are average rates paid per every $100,000 in employee payroll for the three top industries in Bowling Green, KY:
- Manufacturing: $2,210 a year
- Accommodation & Food Services: $1,230 a year
- Retail Trade: $670 a year
The manufacturing industry is among the more expensive to cover with workers’ comp insurance, but costs can vary according to what your company produces and the injury risks involved. A manufacturing business with a well-established safety rating may be able to get significant policy discounts through experience modifiers. Talk to your independent insurance agent to learn more.
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Bowling Green Workers’ Compensation Covers Medical Treatment
Workers' compensation insurance is designed to ensure that if employees are injured or become ill on the job, they can receive appropriate medical treatment and follow up care without facing any out-of-pocket costs. Medical care covered includes doctor visits, hospitalization, prescription medications, physical therapy, and other miscellaneous expenses. If your workers' comp plan is part of an authorized managed care program, your employees must choose a doctor within the network. Otherwise, any doctor can be seen for treatment.
Bowling Green Workers’ Compensation Insurance Provides Disability Coverage
If one of your employees needs more than seven consecutive days to recuperate from a work-related injury, workers’ compensation insurance can provide them with disability coverage. Through this coverage, temporarily disabled employees can receive a weekly benefit of 2/3 of their average weekly wage up to a state-imposed limit. (In recent years, the maximum weekly benefit was $835.04.) In the unfortunate event that an injury leaves an employee permanently disabled, workers’ compensation will pay out weekly benefits based on the employee’s earnings at the time of the accident. The injury will be given an impairment rating according to its severity, and this will contribute to determining how long the employee will be able to collect benefits.
Workers' Comp Covers Fatal Work Injuries in Bowling Green, KY
Sadly, workers sometimes suffer fatal injuries on the job. Workers’ compensation insurance can help surviving family members manage the financial difficulties of this loss by providing them with compensation benefits. These benefits include a one-time lump sum payment, followed by weekly benefits. These will be paid out in an amount of 50% of the employee’s average earnings for the spouse unless there are also dependent children in the household. In that case, the spouse would receive 45% of the average weekly pay plus an additional 15% of earnings for each dependent child.
Find the Best Workers’ Compensation Insurance in Bowling Green
If you are looking for a suitable workers’ compensation insurance policy to cover your Bowling Green business, an independent insurance agent can help. These agents can match you up with an insurance provider that specializes in covering businesses in your industry. Your agent can also help you compare rates from different insurers so that you can be sure you are getting your policy at a competitive price.
Are you interested in learning more about the many benefits of working with a local independent insurance professional? If so, contact an insurance agent in or near Bowling Green to get started.
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