Employees sometimes get injured on the job. Workers’ compensation insurance is designed to cover the associated costs, which can be quite expensive. In fact, in 2018 alone, injured workers in Massachusetts collected nearly $1.26 billion in workers’ compensation claims.
Independent insurance agents in Attleboro are available to help you find the best and most affordable workers’ compensation policy to cover your business. Contact an insurance agent near you to learn more.
Is Workers’ Compensation Insurance Required for Businesses in Attleboro?
Nearly all employers in Attleboro are required by state law to carry workers' compensation insurance. This insurance is mandatory for all employers with at least one full- or part-time worker.
Exceptions are made for domestic servants who work fewer than 16 hours a week, and for sole proprietors, partners, and LLC members who cannot also be considered employees.
Failure to carry this required coverage can result in fines and jail time for the company owners. Additionally, your company can be issued a Stop Work order that includes fines of $100 a day until workers’ compensation coverage is purchased and all fines are paid in full.
How Much Does Workers’ Compensation Insurance Cost in Attleboro?
Workers’ compensation rates in Massachusetts are among the least expensive in the country. This is great news for Attleboro business owners who are looking for an affordable policy.
Your costs will be calculated based mainly on how many employees you have, how much they are paid, and the types of jobs they do.
The more likely someone is to be injured on the job, the more it will cost to cover them. For instance, someone who works with dangerous animals at Capron Park Zoo will cost more to cover than someone who works in the gift shop at the Attleboro Arts Museum.
Workers’ Compensation Base Rate Examples
Massachusetts regulates its own workers' compensation rates outside of the National Council on Compensation Insurance (NCCI). Every occupation is assigned a classification code and coverage rates for each of these class codes are managed by the Workers’ Compensation Rating and Inspection Bureau of Massachusetts (WCRIBMA).
Insurance companies use these designated base rates when calculating costs, but are permitted to offer discounts and credits at their discretion so they can remain competitive. That is why shopping around for the best rate can save you money.
Let’s take a look at the average rates paid per every $50,000 in employee payroll for three very different jobs in Attleboro, MA.
- Masonry construction workers: $4,465 a year
- Auto service and repair mechanics: $590 a year
- Retail store workers: $220 a year
To find out how much it will cost to cover the people who work for you, consult a local independent insurance agent who can present you with a few customized quotes.
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What Does Attleboro Workers’ Compensation Insurance Cover?
Workers’ compensation insurance is designed to cover the various costs associate with on-the-job injuries and occupational illnesses. You can expect your policy to cover the following.
- Medical treatments: All medical costs for the treatment of worker injuries will be covered in full, including associated prescriptions, physical therapy, and equipment like crutches and slings.
- Travel reimbursement: Workers may be able to collect reimbursement for miles traveled to go to doctor’s appointments, follow-up care, and the pharmacy.
- Temporary total disability: If an employee needs to take more than six days to recuperate from a work-related injury, they will be able to collect a weekly benefit of 60% of their average pay until they can return to work.
- Temporary partial disability: If an employee’s injury enables them to return to work but in a limited capacity, workers’ compensation can make up 75% of the difference in pay if they are earning less than they were in their job previously.
- Permanent disability: If a work-related injury is so severe that the injured worker will be unable to ever return to their job, workers’ compensation insurance can provide them with an ongoing weekly benefit of two-third their average wage.
- Death benefits: If a work-related injury or illness is fatal, workers’ compensation can ease the financial burden on surviving family members by covering burial expenses and providing the employee’s spouse and dependents with ongoing compensation.
Weekly disability benefits cannot exceed Massachusetts’ average weekly pay, which is reviewed and updated annually. On October 1, 2020, the weekly maximum payment was capped at $1,487.78.
What Is Not Covered by Workers’ Compensation in Attleboro?
Insurance companies sometimes deny payments for workers’ compensation claims. Examples of exclusions include claims for the following.
- Injuries that occurred outside of working hours, such as at a company picnic
- Injuries and illnesses related to pre-existing conditions
- Intentional, self-inflicted injuries
- Injuries sustained while committing a crime
- Injuries that occurred while the employee was under the influence of drugs or alcohol
If you believe your workers’ compensation claim was unjustly denied, you can appeal the decision by petitioning the Massachusetts Department of Industrial Accidents.
Learn more about workers’ compensation insurance exclusions by talking with a local independent insurance agent.
Where Can Attleboro Business Owners Purchase Workers’ Compensation Insurance?
Most businesses in Attleboro purchase their workers’ compensation insurance through a commercial provider.
Some companies that have very high risk margins may be unable to find an insurance company willing to cover them. In this case, they can purchase coverage through the Workers’ Compensation Rating and Inspection Bureau of Massachusetts (WCRIBMA).
Alternatively, your company may opt to self-insure. In order to do so, you will need to apply for approval and demonstrate that your company has the financial means to cover workplace injuries.
How to Find the Best Workers’ Compensation Insurance in Attleboro, MA
If you are looking for an ideal workers’ compensation policy to cover your Attleboro business, look no further than a local independent agent.
These agents can help you obtain and review customized quotes from a few competing insurance providers that specialize in covering businesses like yours. That way, you can be sure you are getting your coverage at a reasonable price.
Contact an insurance agent near you to discover how easy it can be to find an affordable workers’ compensation policy for your Attleboro business.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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