Florence, KY Workers' Compensation Insurance

Complete Guide to Florence, KY Workers' Compensation Insurance

Find the right workers' compensation insurance policy for you.

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From St. Elizabeth Healthcare to Eagle Manufacturing, a lot of employers are located in Florence, KY. Unfortunately, workers are sometimes injured while on the job. Workers’ compensation insurance ensures that employees will not suffer undue financial losses as a result of their work-related injuries. 

If you are looking for a workers’ compensation insurance policy for your Florence business, a local independent insurance agent can shop around to help you find the best and most affordable coverage. Find an insurance agent near you to learn more.

Is Workers’ Compensation Insurance Required in Florence?

All employers in Florence must comply with Kentucky’s employment laws.  The state requires all employers with at least one employee to 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.

You are also not required to cover:

  • Domestic workers in a private residence if there are less than two full-time workers in the home
  • Employees covered by federal liability legislation (like railroad and maritime workers)
  • Workers who provide services in exchange for aid or sustenance from a religious or charitable organization

If you are unsure about whether you need to purchase coverage, a local independent insurance agent can provide guidance

How Much Does Workers' Comp Insurance Cost in Florence, KY?

Workers’ compensation costs are calculated according to the types of jobs your employees do and your company’s overall payroll. Every kind of job is assigned a classification code, and rates for each of these class codes are set by the Kentucky Department of Workers’ Claims (KYDWC). The more likely an employee is to suffer a significant injury on the job, the higher the cost for coverage.

All commercial insurance companies use the KYDWC’s base rates when assigning costs. However, because they can offer discounts and incentives of up to 25%, it is in your best interest to compare a few policies and quotes before making a selection.

To give you a general idea of how much a policy will cost you, here are the average rates paid per every $100,000 in employee payroll for three of the top industries in Florence, KY:

  • Health care: $1,280 a year
  • Construction: $5,765 a year
  • Accommodation & food services: $1,230 a year

These are average rates based on large industry segments, so individual costs can vary. Within the healthcare industry, there can be significant differences in cost depending on the scope of your business and the types of jobs your workers do. Home health nurses have a higher risk of sustaining injuries than medical records administrators.

For assistance getting actual, customized quotes for your particular business, contact a local independent insurance agent.

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What Does Florence Workers’ Comp Insurance Cover?

Workers’ compensation insurance is designed to cover the costs associated with work-related injuries and occupational illnesses. This shields your employees from large financial losses as a result of these injuries, and it also significantly reduces your company’s risk of facing a liability lawsuit. You can expect your Florence workers’ compensation policy to cover the following:

  • Medical treatment:  Workers’ compensation will cover all costs associated with medical treatment and follow-up care for work-related illnesses and injuries. This includes coverage for necessary prescription medications, physical therapy, doctor visits, and hospital stays.
  • Mileage reimbursement: In Kentucky, injured workers may request reimbursement for miles driven and other travel costs like tolls accrued while going to and from doctor visits and the pharmacy. This includes reasonable costs associated with taxi, bus, and train fare.
  • Short-term disability coverage: If an employee needs to take more than seven consecutive days off work to recuperate from a work-related injury or occupational illness, they will be able to collect a weekly benefit of two-thirds of their average weekly pay until their treating physician says they can return to work.
  • Permanent disability coverage: If a work-related injury is so severe that the injured worker becomes permanently disabled, the injured worker can receive compensation in an amount and duration that depends on their impairment rating. This benefit can last up to 425 weeks for a disability rating of 50% or less, and up to 520 weeks for a rating greater than 50%.
  • Survivor benefits: If a work-related injury or illness proves fatal, a lump sum of at least $70,000 will go to the employee’s estate, some of which can be applied toward burial costs. Additionally, the employee’s spouse and dependent children will qualify to receive weekly benefits in an amount that is based on the number of dependents and the employee’s previous earnings.

You can learn more about each of these coverage types by consulting a local independent agent.

What If Your Workers’ Compensation Claim Is Denied?

Workers' compensation claims may be denied. This might happen for a number of reasons, such as if:

  • The insurer has reason to believe that the injury did not actually occur while on the job
  • There is reason to suspect that the injury was intentionally self-inflicted
  • The injured employee was under the influence of drugs or alcohol at the time of the incident
  • The injury occurred while the employee was committing a crime
  • The injured employee had refused to use provided safety equipment

If you feel that your workers’ compensation claim was unjustly denied, you may appeal the decision.  This can be done by filing a petition with the KY Department of Workers’ Claims. Your case will be assigned an Administrative Law Judge who will listen to both sides and issue a ruling at a hearing. If you are unhappy with this ruling, you can submit a Petition for Review to try to have it overturned.

Let an Independent Insurance Agent Help You Find the Best Policy

If you are looking for an industry-appropriate workers’ compensation policy to cover your Florence business, an independent insurance agent can help. These agents can match you up with an insurance provider that specializes in covering businesses like yours. Your agent can also help you compare rates from different insurers so that you can be sure you are paying a competitive price for your coverage.

Discover how easy it can be to find the right workers’ compensation policy for your business. Contact an insurance agent in or near Florence, KY to start comparing customized quotes.

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