A guard at the Old Norfolk County Jail can be assaulted by an inmate. A retail worker at one of the shops in Legacy Place can suffer a back injury while unloading a merchandise delivery. Regardless of the type of business they work for, employees sometimes get injured on the job. Workers’ compensation insurance is designed to cover the associated costs.
Independent insurance agents in Dedham can help you find the best and most affordable workers’ compensation policy to cover your business. Find an insurance agent near you to learn more.
What Is Workers’ Compensation Insurance?
Workers’ compensation insurance is a commercial insurance product that is designed to cover the associated costs if your employees are injured on the job or are stricken with an occupational illness.
This insurance can shield your business from potential liability lawsuits by covering all necessary medical treatments and providing your employees with compensation for lost pay.
Is Workers’ Compensation Insurance Required in Dedham, MA?
Nearly all employers in Dedham are required by law to carry worker’s compensation insurance. Exceptions are made for sole proprietors, partners, and LLC members who cannot also be considered employees and for domestic servants who work fewer than 16 hours a week.
Failure to carry this required coverage in Massachusetts is illegal and can result in fines and jail time for non-compliant company owners. Additionally, your company can be issued a Stop Work Order (SWO) and fined $100 a day until coverage is purchased and all fines are paid in full.
How Much Does Workers’ Compensation Insurance Cost in Dedham?
The good news for employers in Dedham is that workers’ compensation rates in Massachusetts are some of the lowest in the country.
Costs are calculated based mainly on your company’s overall payroll, the types of jobs your employees do, and how likely they are to be injured on the job. Therefore, rates can vary significantly from one business to another.
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 are required to use these designated base rates when calculating costs, but they 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.
What Are Some Base Rate Examples in Dedham, MA?
The more likely a worker is to be seriously injured on the job, the higher the rates for their job classification will be.
Let’s take a look at the base rates paid for every $50,000 in employee payroll for three very different jobs in Dedham, MA:
- Masonry construction workers: $4,465 a year
- Lawn service workers: $510 a year
- Office/clerical workers: $15 a year
Naturally, it costs far more to cover a construction worker than it does to cover a worker in an office setting because the risk of serious injury is much higher.
The only way to find out how much a workers’ compensation policy will cost for your business by contacting a few competing insurance companies and requesting customized quotes. A local independent insurance agent can save you time and money by doing this on your behalf.
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What Does Dedham Workers’ Compensation Insurance Cover?
In Massachusetts, workers’ compensation insurance is designed to cover the various costs associated with on-the-job injuries and occupational illnesses. You can expect your policy to cover the following:
- Medical treatments: All necessary medical treatments, equipment, medications, and care related to work-related injuries or illnesses are covered in full.
- Travel reimbursement: Employees can receive compensation for miles traveled to and from doctors’ appointments and the pharmacy.
- Temporary total disability: If an employee needs more than six days to recuperate from a work-related injury, they can receive a weekly benefit of 60% of their average pay until they are able to return to work, for up to 156 weeks.
- 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 previous to the injury. This benefit can last for up to 260 weeks.
- Permanent disability: If a work-related injury is so severe that the injured worker will be unable to ever return to their job, they can collect a weekly benefit of two-thirds their average wage indefinitely. This benefit includes an annual cost of living increase.
- Death benefits: If a work-related injury or illness is fatal, workers’ compensation can cover burial expenses and provide the employee’s spouse and dependents with two-thirds the employ’s average weekly pay for as long as they are eligible.
Weekly disability benefits may not exceed Massachusetts’ average weekly pay, which is reviewed and updated annually. As of October 1, 2020, the weekly maximum payment was $1,487.78.
Learn more about what workers’ compensation insurance can cover by speaking with an independent insurance agent in Dedham.
What Is Not Covered by Workers’ Compensation in Dedham?
As with all insurance policies, workers’ compensation insurance has its limitations. Examples of things this insurance will not cover include injuries that:
- Occurred outside of working hours, such as at a company picnic
- Are related to pre-existing conditions
- Were intentionally self-inflicted
- Happened while the employee was committing a crime
- Were sustained while the employee was under the influence of drugs or alcohol
If an injured employee believes that their workers’ compensation claim was unjustly denied, they can appeal the decision by petitioning the Massachusetts Department of Industrial Accidents.
Where Can Dedham Business Owners Purchase Workers’ Compensation Insurance?
Most businesses in Dedham purchase their workers’ compensation insurance through one of the many commercial providers that are authorized to sell policies in this state.
High-risk businesses that are unable to find an insurance company willing to cover them can purchase coverage through the Workers’ Compensation Rating and Inspection Bureau of Massachusetts (WCRIBMA). These policies will cost more but the coverage is guaranteed.
Alternatively, your company may opt to self-insure. In order to self-insure, you will need to apply for approval and demonstrate that your company has the financial means to do so.
How to Find the Best Workers’ Compensation Insurance in Dedham, MA
If you are looking for the best workers’ compensation policy to cover your Dedham business, look no further than a local independent agent. These agents can help you obtain and review customized quotes from insurance providers that specialize in covering businesses like yours. That way, you can be sure you are getting the right coverage at a competitive price.
Discover how easy it can be to find an affordable workers’ compensation policy for your business. Contact an insurance agent near you to arrange an obligation-free consultation.