Massachusetts has an annual employee injury rate of 2.7 injuries per every 100 full-time workers. That is why workers’ compensation insurance companies pay out more than $1 billion in claims to injured employees in this state every year.
If you are an employer in Norwell, MA, a local independent insurance agent can help you find the best and most affordable workers’ compensation policy to cover your employees. Contact 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 medical treatments and lost wages associated with workplace injuries and occupational illnesses.
This insurance can help you rest assured that injury-causing accidents at your place of business will not result in large financial losses for your employees or your company.
Are Businesses in Norwell Required to Have Workers’ Compensation Insurance?
With very few exceptions, all employers in Norwell are required by Massachusetts state law to carry worker’s compensation insurance.
Failure to carry this required coverage exposes your business to potential lawsuits, and can have other consequences as well: Uninsured companies can be issued a Stop Work Order (SWO) and fined, and owners of uninsured businesses can face criminal charges, fines, and up to one year in prison.
Let a local independent agent help you find the coverage your business needs at a competitive price.
How Much Does Workers’ Compensation Cost in Norwell, MA?
As an employer in Norwell, you may be happy to learn that Massachusetts is the fourth least expensive state in the country for workers’ compensation insurance.
Your workers’ compensation insurance rates will be based mainly on these criteria.
- The number of employees you have
- The types of jobs your employees do, and the likelihood they will be injured while doing them
- Your company’s overall payroll amount
- Your company’s claims history and safety record
Employees with hazardous jobs are far more expensive to insure than workers who have a very low risk of sustaining serious injuries.
What Are Some Base Rate Examples in Norwell?
Every occupation is assigned a classification code and the Workers’ Compensation Rating and Inspection Bureau of Massachusetts (WCRIBMA) sets and regulates base rates for coverage for each of these class codes.
Insurance companies are required to use the state’s designated base rates when calculating costs, but they are permitted to be competitive by offering discounts, credits, and incentives at their discretion. That is why it is beneficial to compare customized quotes before making a purchase.
Let’s take a look at the base rates per every $50,000 in employee payroll for a few very different jobs that can be found in Norwell, MA.
- Masonry construction workers: $4,465 a year
- Package and parcel delivery drivers: $2,145 a year
- Plumbers and plumbing contractors: $1,410 a year
- Retail store workers: $220 a year
- Clerical workers: $15 a year
To find out how much it will cost to cover the employees who work for your Norwell business, contact a local independent insurance agent.
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What Does Norwell Workers’ Compensation Insurance Cover?
Workers’ compensation insurance is designed to cover the various costs associated with workplace injuries and occupational illnesses. If one of your employees is injured on the job, you can expect your policy to cover medical treatments, disability pay, and in the worst cases, death benefits.
Medical treatments: All necessary medical care related to occupational illnesses and injuries, including emergency care, ambulance rides, hospital stays, medical treatments, follow-up appointments, prescription medications, physical therapy, equipment like crutches and slings, and more will be covered in full.
Injured employees can even be reimbursed for miles driven to and from doctor’s appointments.
Disability pay: Injured employees can receive disability pay in amounts based on their average weekly wages in the months prior to the accident. There are a few different types of disability:
- Temporary total disability: Employees who need more than six days to recuperate from a work-related injury can collect weekly disability benefits of 60% of their average weekly pay until they are able return to work. This coverage can continue for up to 156 weeks.
- Temporary partial disability: Injured employees who are cleared to continue working but in a limited capacity while they continue to heal can collect a benefit of 75% of the difference in pay for up to 260 weeks.
- Permanent disability: Employees who become permanently disabled due to an on-the-job injury or occupational illness can collect an ongoing weekly benefit of two-thirds their previous average wage. This benefit allows for an annual cost-of-living increase.
Death benefits: If a work injury or occupational illness is fatal, workers’ compensation can cover burial costs and can provide the deceased employee’s spouse and dependents with two-thirds their average weekly pay for as long as they qualify for benefits.
You can learn more about workers’ compensation insurance by speaking with an independent insurance agent in Norwell.
What Does Norwell Workers’ Compensation Insurance Not Cover?
There are cases where workers’ compensation claims may be denied by your insurance carrier. For instance, your insurance company isn’t likely to cover injuries that occurred under these conditions.
- Injuries that were sustained while the injured employee was under the influence of drugs or alcohol.
- Injuries that occurred outside of working hours.
- Injuries that are related to preexisting conditions.
- Injuries that are believed to have been intentionally self-inflicted.
- Injuries that took place while the worker was committing a crime.
Denied claims may be appealed by petitioning the Massachusetts Department of Industrial Accidents.
Where Can Norwell Business Owners Buy Workers’ Compensation Coverage?
You can purchase your workers’ compensation insurance through any of the many commercial providers that are authorized to sell policies in Massachusetts. This is how most employers in this city buy their coverage.
Some businesses owners may be unable to obtain coverage through a commercial provider due to having a poor safety record or because their employees do jobs that have a very high risk of serious injuries. These employers can get coverage by purchasing an assigned risk policy through the Workers’ Compensation Rating and Inspection Bureau of Massachusetts.
Alternatively, your company has the option to self-insure. To qualify to do so, you will need to demonstrate that your business has the financial means to cover the costs associated with workplace injuries and occupational illnesses and must be approved by the state.
How to Find the Best Workers’ Compensation Insurance in Norwell, MA
Local independent insurance agents are available to help you find the right workers’ compensation policy to cover your Norwell business. These agents are free to work with several different insurance providers, so they can present you with a variety of customized quotes. That way, you can be sure you are getting the coverage you need at a competitive price.
Learn more by arranging a one-on-one consultation with an insurance agent near you. You will soon discover how easy it can be to find an ideal workers’ compensation policy for your business.