From its aluminum production facilities to its coal companies, Henderson, Kentucky offers a lot of variety in terms of employment. Workers in all kinds of jobs can sometime suffer significant injuries on the job. When this happens, their employers are required to cover the resultant costs. This is where workers’ compensation insurance steps in.
If you are looking for a suitable workers’ compensation policy to cover your Henderson employees, a local independent insurance agent can help. These agents can shop around to help you find the best and most affordable policy to cover your specific business. Contact an insurance agent near you to start comparing customized quotes.
Is Workers’ Compensation Insurance Required in Henderson?
Most, but not all, employers in Henderson are required to have workers’ compensation insurance. The state of Kentucky mandates that all businesses with one or more employees must carry this coverage.
There are a few exceptions. Kentucky does not require you to purchase coverage for:
- Sole proprietors, LLC members, and partners
- Workers with federal liability protections, such as railroad and maritime workers
- Independent contractors
- Farm laborers
- Domestic servants, unless more than two full-time workers are employed by the household
Policies can be purchased through a commercial provider, or, with approval, you may opt to self-insure. If you want to learn more about the workers’ compensation requiremenst in Kentucky, you can consult a local independent insurance agent.
How Much Does Workers' Comp Insurance Cost in Henderson?
Rates for workers’ compensation insurance are based mainly on the kinds of jobs your employees do. Your company’s overall safety record can also play a role in how much you are expected to pay.
Every job type is assigned a classification code, and the Kentucky Department of Workers’ Claims assigns rates for each of these job classifications. The greater the chance that a worker will suffer a significant injury on the job, the higher the cost for coverage will be.
Commercial insurers use these assigned base rates when calculating costs for coverage. Many offer potential discounts and incentives, which can reduce costs up to 25%. It is therefore in your best interest to compare policies and quotes from a few different providers before you make a selection.
The following are average rates paid per every $100,000 in employee payroll for three of the most common industries in Henderson, KY:
- Health care: $1,280 a year
- Metal & meal products: $4,760 a year
- Accommodation & food services: $1,230 a year
Workers in metal manufacturing plants are far more likely to be injured on the job than receptionists at hotels, so the cost to cover metal workers is higher. Keep in mind that the rates listed above are merely broad-based averages. Within the healthcare industry, rates can vary significantly according to the types of jobs the workers are doing.
To find out what the specific cost for covering your business will be, contact a local independent insurance agent and start comparing quotes.
What Does Henderson Workers’ Comp Insurance Cover?
Workers’ compensation insurance is designed to cover the costs associated with on-the-job injuries and occupational illnesses. This saves your employees from facing large financial losses as a result of work-related injuries, while also significantly reducing your company’s risk of being sued in a liability lawsuit.
You can expect your Henderson workers’ compensation insurance policy to cover the following:
- Medical treatment: Workers’ compensation will cover all costs associated with necessary medical treatment and follow-up care related to occupational illnesses and injuries. This even includes coverage for prescription medications and necessary medical devices.
- Mileage reimbursement: This insurance can reimburse employees for their mileage for all trips to and from the doctor’s office and the pharmacy, as long as they are related to the workplace injury. If the employee does not drive but instead takes a bus, taxi, ride-share service or other means of transportation, these travel expenses can also be covered, within reason.
- Short-term disability: Employees who need to take off more than seven consecutive days in order to recuperate from a work-related injury are eligible to collect a weekly benefit of two-thirds of their average weekly pay until they are authorized to return to work by their treating physician.
- Permanent disability: If a work-related injury is so severe that the injured employee cannot return to work or must seek a different kind of occupation, workers’ comp can provide compensation in an amount that is based on both the employee’s average wages and the severity of their injury. These benefits can continue for 425 to 520 weeks, depending on the employee’s impairment rating.
- Survivor benefits: If an employee dies due to a work-related injury or illness, workers’ compensation can provide a one-time lump-sum payment to the employee’s estate, as well as weekly compensation to the employee’s spouse and dependent children. The amount paid out will depend on the employee’s average weekly wage at the time of the accident and the number of dependents the employee left behind.
You can get more information about each of these benefits by talking with a local independent insurance agent.
What If Your Workers’ Compensation Claim Is Denied?
Workers' compensation claims are sometimes denied. This may happen if your insurance company has reason to believe that the injury in question was not actually sustained on the job or that it was intentionally self-inflicted. Claims may also be denied if the injured worker was under the influence of drugs or alcohol at the time of the incident.
If you feel that your workers’ compensation claim was unjustly denied, you can appeal the decision by contacting the Kentucky Department of Workers’ Claims.
Find the Best Workers’ Compensation Insurance in Henderson
An independent insurance agent can help you find an industry-appropriate workers’ compensation policy to cover your Henderson business. These local agents can provide you with customized quotes from competing insurance companies that specialize in covering businesses like yours. That way, you can be sure you are getting suitable coverage at a great price.
Discover how easy it can be to find the right workers’ compensation policy for your business. Contact an insurance agent in or near Henderson, KY to start comparing quotes today.
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