Oxford Workers' Compensation Insurance

There are more than 2,000 businesses representing a wide range of industries in Oxford, MS. If you are a business owner in this city, you are responsible for covering any injuries or occupational illnesses your employees may suffer while doing their jobs. Workers’ compensation insurance provides this coverage.

Independent insurance agents can shop around to help you find the best and most affordable workers’ compensation policy to cover your Oxford business. Contact an insurance agent near you to get started.

Is Workers’ Compensation Insurance Required in Oxford, MS?

All businesses in Oxford are required to maintain compliance with Mississippi employment laws.  This state mandates that all businesses with at least five regular employees must carry workers’ compensation insurance. There are a few exceptions. It is not necessary to purchase coverage for:

• Domestic servants
• Farm or ranch laborers
• Federal employees
• Transportation and maritime workers who are covered by federal compensation laws
• Independent contractors
• Employees of certain nonprofit organizations

Knowingly and willingly failing to carry required workers’ compensation insurance is against the law in this state. If caught, you could face fines, jail time, or both.

Coverage can be purchased through a commercial carrier. In some cases, businesses may obtain approval to self-insure if they can demonstrate the financial means to do so. Learn more about the workers’ compensation requirements in Mississippi by talking to an independent insurance agent in or near Oxford.

How Much Does Workers’ Compensation Insurance Cost in Oxford?

From professors at “Ole Miss” to nurses at Baptist Memorial Hospital, there are many workers representing a wide range of industries in the city of Oxford. Your workers’ compensation cost will be calculated based mainly on how likely your employees are to be hurt on the job according to the types of jobs they do.

Every occupation is assigned a classification code, and coverage rates for each of these class codes are managed by the MS Workers’ Compensation Commission and the MS Insurance Department. Insurance companies use these base rates when calculating costs, but they do have some leeway when it comes to offering discounts and incentives, so comparison shopping can save you money.

Let’s take a look at the average rates paid per every $100,000 in employee payroll for three of the top industries in Oxford, MS:

• Educational services: $1,015 a year
• Accommodation & food services: $2,000 a year
• Health care: $1,180 a year

Of course, these are just averages for a variety of jobs under large industry umbrellas. Within each, rates can vary. A nurse is far more likely to be injured on the job than a medical transcriptionist. For assistance getting actual, customized quotes for your particular business, contact a local independent insurance agent.

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What Does Oxford Workers’ Compensation Insurance Cover?

Workers’ compensation insurance (sometimes referred to as “workman’s comp”) is designed to cover the costs associate with on-the-job injuries and occupational illnesses. As a policyholder in Oxford, you  can expect your insurance to cover the following:

• Medical treatment:  Workers’ compensation will cover all costs associated with necessary medical treatment, medications, and follow-up care related to occupational illnesses and work injuries.
• Mileage reimbursement: Employees can receive compensation for miles driven to and from medical appointments. The reimbursement rate is periodically updated by the WCC. As of January 1, 2020, the rate was $0.575 per mile driven.
• Short-term disability: If an employee needs to take more than five consecutive days to recuperate from a work-related injury, they will be able to collect a weekly benefit of two-thirds of their average weekly pay up to the maximum benefit cap until they can return to work.
• Permanent disability: If an employee suffers a permanent work injury that prevents them from returning to their previous job, they can receive compensation in the amount of two-thirds of their average weekly wages up to the maximum benefit limit for up to 450 weeks.
• Survivor benefits: If a work-related injury or illness results in death, workers’ compensation can ease the financial burden on surviving family member by covering burial expenses up to $5,000, providing the spouse with an immediate $1,000 payment, and providing the employee’s spouse and qualifying dependents with compensation for up to 450 weeks.

The weekly maximum payment for disability benefits is adjusted annually by the Mississippi Workers’ Compensation Commission. As of January 1, 2020, the weekly payment is capped at $505.43, with a maximum lifetime benefit of $227,443.50.

You can learn more about each of these benefits by speaking with an independent insurance agent in Oxford.

What If Your Workers’ Compensation Claim Is Denied?

Insurance companies sometimes deny workers' compensation claims. This could happen for a number of reasons, such as if the insurer suspects that the injury did not actually occur while on the job, that the injury was intentionally self-inflicted, or that the injured employee was under the influence of drugs or alcohol at the time of the accident.

If you believe that your workers’ compensation claim was unjustly denied, the decision can be appealed by filing a Petition to Controvert with the Mississippi Workers’ Compensation Commission. A mediator will be assigned by the WCC and will make resolution recommendations. If you are unhappy with the outcome, you can petition to have the case heard by a WCC judge.

Find the Best Workers’ Compensation Insurance in Oxford, MS

If you are looking for an ideal workers’ compensation policy to cover your Oxford business, an independent insurance agent can help. These agents can help you obtain and compare rates from insurance providers that specialize in covering businesses in your industry. That way, you can be sure you are getting your coverage at a competitive price.

Discover how easy it can be to find the right workers’ compensation policy for your business. Find an insurance agent in or near Oxford, MS to start comparing customized quotes.