The many businesses that can be found in Elizabethtown, KY provide jobs to thousands of area resident and help to drive the local economy. However, even with strict safety protocols in place, employees are sometimes injured on the job. When this happens, workers’ compensation insurance can cover the resultant costs.
If you are an employer in Elizabethtown, an independent insurance agent can help you find the best and most affordable workers’ compensation insurance policy to cover your business. Find an insurance agent near you to learn more.
Is Workers’ Compensation Insurance Required in Elizabethtown?
All employers in Elizabethtown must comply with Kentucky state laws. In this state, if you have at least one employee, you are required by law 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 can cover them if you want to. It is also not necessary to purchase coverage for farm workers, domestic servants in a home with fewer than two full-time workers, or railroad and maritime workers, since they are already protected by federal laws.
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How Much Does Workers' Comp Insurance Cost in Elizabethtown, KY?
Rates for workers' compensation insurance in Kentucky are about 18% lower than the national average. This is good news if you are a local employer looking for an affordable policy.
Your cost for coverage will depend primarily on the types of jobs your employees do. 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 more it will cost for coverage.
Commercial insurance providers are required to use these rates as a base when calculating costs for coverage. 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 of the top industries in Elizabethtown, KY:
- Healthcare & social assistance: $1,280 a year
- Educational services: $290 a year
- Construction: $5,765 a year
The construction industry is among the more expensive to cover with workers’ comp insurance, but costs can vary according to the type of construction your company does. Also, a construction company that has a well-established safety record may be able to get significant policy discounts through experience modifiers. Talk to your independent insurance agent to learn more.
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Elizabethtown Workers’ Compensation Covers Medical Treatment
Workers' compensation insurance is designed to ensure that if employees are injured on the job or if they suffer an occupational illness, they can receive appropriate medical treatment and follow up care without facing any out-of-pocket costs.
Workers’ compensation covers all medical care costs including doctor visits, hospitalizations, prescription medications, physical therapy sessions, and other miscellaneous expenses. If your workers’ comp plan is part of an authorized managed care program, your employees must get their medical care from a doctor in the network. Otherwise, any doctor can be seen for treatment.
Elizabethtown Workers’ Compensation Insurance Provides Disability Coverage
If an employee 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 two-thirds of their average weekly wage up to a state-imposed limit. (In 2017, 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 assigned an impairment rating according to its severity, and this will be used to determine how long the employee will be eligible to collect benefits.
Workers' Compensation Covers Fatal Work Injuries in Elizabethtown
Unfortunately, workers sometimes suffer fatal injuries on the job. Workers’ compensation insurance can help surviving family members manage the financial difficulties of their loss by providing them with survivor compensation benefits.
These benefits include a one-time lump sum payment, followed by weekly benefits. The deceased employee’s spouse may receive 50% of the employee’s average earnings 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.
Why Work with an Independent Insurance Agent in Elizabethtown, KY?
If you are looking for suitable workers’ compensation insurance to cover your Elizabethtown business, an independent insurance agent can help. Local agents can match you up with insurance providers that specialize in covering businesses like yours and can help you compare rates from different insurance companies so that you can be certain you are getting your policy at a competitive price.
Are you ready to discover the many benefits of working with a local, independent insurance professional? If so, contact an insurance agent in or near Elizabethtown to get started.
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