From careers at Fortune 500 companies to part-time work at small local businesses, Hopkinsville, KY is home to a wide variety of employment opportunities. Employers are expected to provide their staff with a safe and healthy work environment. Still, accidents sometimes happen, which is why workers’ compensation insurance is so important.
If you are looking for a reliable and affordable workers’ compensation policy to cover your Hopkinsville business, you can benefit from working with a local independent agent. Find an insurance agent near you to learn more.
Do Businesses in Hopkinsville Need to Have Workers’ Compensation Insurance?
In Hopkinsville, if you have at least one employee, you are required to carry workers' compensation insurance. Failure to do so can result in the following penalties:
- A fine of $1,000 per employee per day in which you did not have coverage
- The forced closure of your business until you become compliant
- Criminal penalties including fines and/or jail time
In other words, it’s just not worth it to forgo coverage.
There are a few exceptions to the state’s requirements. It is not necessary to cover farm laborers, most domestic help, and employees who are covered by the Federal Act, such as railroad and maritime workers. You are also not required to cover partners, sole proprietors, or LLC members, though you can include them in your policy if you want to.
To learn more about the requirements for your business, you can talk to a local insurance agent.
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How Much Does Workers' Compensation Insurance Cost in Hopkinsville, KY?
Your cost for coverage will be based primarily on the types of jobs your employees do and your company’s history of maintaining a safe working environment.
The Kentucky Department of Workers’ Claims annually publishes rates for thousands of job classifications. Insurance companies use these rates when calculating your cost for coverage. These private insurers may offer discounts and incentives of up to 25%, so it often pays to shop around for the best price.
Policies can be bought through a commercial insurance company. High-risk employers who cannot obtain coverage can be covered through Kentucky Employers’ Mutual Insurance, which is the state fund. Alternatively, employers may, with approval, self-insure.
To get an idea of what your costs may be, here are the average rates paid per every $100,000 in employee payroll for three of the most common business industries in Hopkinsville, KY:
- Health care: $1,280 a year
- Educational services: $290 a year
- Accommodation & food services: $1,230 a year
Of course, costs can vary within each of these industries. When it comes to the accommodation & food services industry, fry cooks are more likely to sustain injuries than hotel receptionists, and would therefore cost more to insure. Talk to a local independent insurance agent to find out how much workers’ compensation will cost for your particular business.
Hopkinsville Workers’ Compensation Insurance Covers Medical Care
If your employees are injured on the job, or if they suffer an occupational illness due to exposure to toxic substances at the workplace, they will need to seek medical attention. Workers’ compensation for Hopkinsville businesses is designed to cover the cost of all necessary medical treatment, medications, and follow-up care, including physical therapy and long-term care if necessary.
To ensure that medical treatment does not place any undue financial burdens on injured employees, workers’ compensation can also reimburse them for miles driven, parking costs, taxi rides, and other travel expenses they may incur to get to and from doctor appointments or to and from the pharmacy to pick up necessary prescriptions or supplies.
Workers' Compensation Insurance Provides Hopkinsville Employees with Disability Coverage
Temporary disability coverage is designed to replace an employee’s lost wages if they must take more than seven days off work due to a work-related injury. Workers’ compensation will provide a temporarily disabled employee with two-thirds of their average weekly earnings for the duration of their recovery time.
If an employee suffers a serious injury and becomes permanently disabled, they may be eligible for long-term disability pay. The amount paid out will depend on the employee’s previous earnings and the severity of the injury according to its designated impairment rating.
Employees with 50% impairment or less are eligible to receive benefits for up to 425 weeks, while those with an impairment of more than 50% can collect for up to 520 weeks.
Workers' Compensation Covers Job-Related Fatalities in Hopkinsville
Tragically, workplace injuries sometimes result in fatalities. If an employee dies because of a job-related illness or occupational injury, your workers’ compensation policy can provide survivor benefits to their family.
This insurance will provide a one-time lump-sum payment to the employee’s estate, from which funeral costs and other immediate expenses can be paid. Afterward, it will provide weekly compensation to the employee’s spouse and dependents in an amount based on the employee’s average weekly pay and the number of children and other dependents the employee left behind.
Talk to your local independent insurance agent for more information.
Find the Best Workers’ Compensation Insurance in Hopkinsville, KY
If you are shopping for a workers’ compensation insurance policy for your Hopkinsville business, you can benefit from working with a local independent insurance agent. These agents can match you up with reliable insurance companies that specialize in covering businesses like yours. They can also help you compare quotes so you can be sure you are getting your coverage at a great price.
Contact an insurance agent in or near Hopkinsville to learn more, and you can start comparing customized workers’ compensation insurance rates in no time.
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