Tupelo Workers' Compensation Insurance

Your Complete Guide to Tupelo, MS Workers' Compensation Insurance

(Everything you need to know - and more)

From manufacturing companies to retail stores, many businesses are located in Tupelo, MS. As a business owner in this city, you are responsible for paying for medical treatment and lost wages if your employees are injured on the job. Workers’ compensation insurance protects you from the risk of liability lawsuits related to employee injuries by providing this coverage.

If you are looking for a reliable and competitively priced workers’ compensation policy, for your Tupelo business, you can benefit from requesting the help of an independent insurance agent. Find an insurance agent near you to get started.  

Do Employers in Tupelo Need to Purchase Workers’ Compensation Insurance?

In the state of Mississippi, if you have at least five regular employees, you are required by law to carry workers’ compensation insurance. If your business has fewer than five workers, you have the option to purchase this coverage in order to protect your business from liability expenses.

There are a few exceptions. It is not necessary to cover domestic workers, farm and ranch laborers, or employees of non-profit fraternal, charitable, religious, or cultural organizations. It is also not required that you cover independent contractors, federal employees, or certain transportation and maritime workers who are covered by federal compensation laws.

If you fail to carry the required workers’ compensation insurance, you may face fines up to $1,000, jail time, or both. Additionally, if an employee is injured and you do not have the required coverage, corporate officers of your company may be forced to cover the employee’s medical treatment and lost wages out of their own pockets.

How Much Does Workers’ Compensation Insurance Cost in Tupelo, MS?

Your cost for workers’ compensation insurance will be based primarily on the risks involved in the types of jobs your employees do. Mississippi is an NCCI state, but rates for each job classification are regulated by the MS Workers’ Compensation Commission (MWCC) and the MS Insurance Department. The more hazardous the job, the higher the assigned rate.

Insurance companies covering Tupelo businesses must use these rates when calculating costs. They are, however, able to offer discounts of up to 25% based on factors such as the employer's experience modifier and worker safety record, so comparison shopping has its advantages.

The following are average rates paid per every $100,000 in employee payroll for the three most common business industries in Tupelo, MS:

  • Health care: $1,180 a year
  • Furniture and related products manufacturing: $10,490 a year
  • Educational services: $1,015 a year

Furniture manufacturing is one of the most hazardous jobs in the United States. Not only do employees use heavy machinery and dangerous tools, they are also frequently exposed to toxic chemicals, which can lead to chronic occupational illnesses. For this reason, workers’ compensation insurance rates in this industry are among the highest in the state.

Of course, these rates are just averages. Actual costs can vary according to more specific information regarding the jobs your employees do and your company’s safety record. Talk to a local independent insurance agent to find out how much workers’ compensation will cost for your particular business.

Tupelo Workers’ Compensation Covers Medical Care for Worker Injuries

If your employees are hurt while doing their jobs, or if they suffer an occupational illness caused by exposure to toxic fumes or substances in the workplace, they should report this immediately to a supervisor to begin their workers’ compensation claim.

Workers’ compensation insurance is designed to cover the cost of all necessary medical treatment, including medications, physical therapy, crutches, splints, and any other medical service or apparatus that may be needed. Employees are not to be charged any amount for this treatment and therapy.

Employees can also get reimbursement for mileage expenses for trips to the doctor, pharmacy, or other related medical care. Mileage reimbursement rates are updated annually. The posted rate on January 1, 2020 was $0.575 per mile.

Tupelo Workers’ Compensation Insurance Provides Disability Benefits

If an employee suffering from a work-related injury or illness must take at least five days off from work to recuperate, they can receive disability compensation in an amount equal to two-thirds of their previously earned wages, up to a specified cap. As of January 1, 2020, that cap was $505.43 per week.

There are different types of disability:

  • Partial disability: For employees who are temporarily disabled and unable to work at all while recovering, benefits can continue until they are able to return to work. This benefit is paid bi-weekly until the treating physician releases the employee to return to work, for a maximum of 450 weeks.
  • Permanent disability: If the treating physician determines that the employee has achieved maximum cure, but is still disabled or handicapped, they can receive permanent disability benefits. This compensation is paid out every 14 days for up to 450 weeks.

Talk to a local independent insurance agent to learn more details about workers’ compensation disability benefits in Tupelo, Mississippi.

Tupelo Workers’ Compensation Covers Job-Related Fatalities

Unfortunately, workplace injuries sometimes prove fatal. If a workplace injury or occupational illness results in an employee’s death, the workers’ compensation policy can provide benefits to the surviving spouse and certain dependents.

Workers’ compensation insurance will cover your employee’s burial expenses in an amount of up to $5,500. It will also pay an immediate lump-sum payment of $1,000 to the employee’s spouse. Following that, it will provide bi-weekly payments of death benefits of two-thirds of the employee’s average weekly wage for up to 450 weeks.  

Find the Best Workers’ Compensation Insurance in Tupelo

When you are shopping for workers’ compensation insurance for your Tupelo business, an independent insurance agent can help. These agents can match you up with reliable insurance companies that specialize in covering businesses like yours, and they can ensure that the policy you are purchasing is offered at a competitive rate.

Contact an insurance agent Tupelo to learn more and you can soon start comparing customized workers’ compensation insurance quotes.

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