Whether you employ cashiers, carpenters, or financial analysts, your employees can be injured or become ill because of their work.
Cashiers and other people who work with their hands on a daily basis can sustain debilitating repetitive motion injuries. Employees who work in very safe office environments can slip and fall on the stairs or an upturned rug. Carpenters are exposed to all kinds of dangers.
Work-related injuries happen every day, from simple trips and falls to serious, life-altering injuries. Employees need help paying for medical bills when they are injured on the job. Workers’ compensation insurance is designed to protect employees from the costs of workplace injuries, and it protects employers from lawsuits and unpredictable costs, as well.
An independent insurance agent in Roswell can help you purchase workers’ compensation insurance and make sure you are complying with all of the New Mexico workers’ compensation requirements.
Is Workers’ Compensation Required in Roswell, NM?
Employers in Roswell must comply with all of the New Mexico workers’ compensation laws, just like employers in every other city in the state.
The New Mexico workers’ compensation laws require every employer with three or more workers to purchase workers’ compensation insurance. This includes charities, nonprofits, and religious organizations.
Employers must count every employee to determine if they need to purchase workers’ compensation insurance. Owners, family members, and part-time and seasonal workers should be included in the employee count.
Once your employee count has been determined, you can choose to exclude coverage for corporate officers or members of an LLC. Sole proprietors or partners are automatically excluded from coverage, but have the option to include themselves.
It should be noted that construction employers with one or more employees must purchase New Mexico workers’ compensation. In addition, several types of employees are exempt from the rules. These include:
- Real estate agents, domestic employees and independent contractors
- Agricultural workers who spend the majority of their time growing or harvesting produce, meat, or dairy products
How Much Does Workers’ Compensation Insurance Cost in Roswell?
Workers’ compensation insurance always costs more for industries and occupations that are presumed to have a higher risk of occupational injuries or illnesses. When you're shopping for workers’ compensation insurance, the premiums you are quoted are determined by how many employees you have, the types of jobs they perform, your annual payroll, and your history of accidents and workers’ compensation claims.
New Mexico partners with the National Council for Compensation Insurance (NCCI), an independent rating and data collection bureau, to assign workers’ compensation rates for every industry. The NCCI assigns a classification code to each occupation. And each class code is then assigned a base rate for workers’ compensation insurance.
To determine the total premium, an employer’s annual payroll at the beginning of the policy period is divided by 100, and then multiplied by the base rate.
Take a look at three of the most prevalent industries in Roswell, and what the average annual workers’ compensation would be (assuming a $100,000 payroll):
- Retail Trade: $2,850
- Mining, Quarrying, and Oil & Gas Extraction: $4,780
- Accommodation & Food Service: $2,195
Clearly the more dangerous industry—mining and oil and gas extraction—has higher workers’ compensation costs. These workers are exposed to a variety of dangers, from serious falls to structure collapses, explosions, and more.
Roswell employers can attempt to control workers’ compensation costs by reducing workplace injuries and illnesses. An independent insurance agent can help you get the right coverage for your employee population, and can help you learn more about how to control costs.
Roswell Workers’ Compensation Insurance Covers Employee Medical Expenses
The goal of workers’ compensation insurance is to pay the medical expenses of injured workers and return them to work as quickly as possible.
Workers’ compensation policies in Roswell will pay for reasonable and necessary medical care related to a work-related injury or illness. While the medical care usually takes place over a short period until the injury or illness has resolved, it is sometimes necessary to cover an employee’s medical expenses for a much longer term, and even for life.
In addition to actual medical expenses, New Mexico workers’ compensation insurance reimburses injured workers for travel and lodging costs related to seeking medical care for their injury. Workers who travel 15 miles or more one way from home or work for health care can be reimbursed as part of their claim. These travel benefits include transportation ticket costs, mileage reimbursement, hotel or lodging costs, and meals, up to specified daily limits.
Roswell Workers’ Compensation Insurance Includes Wage Replacement Benefits
New Mexico workers’ compensation insurance helps injured workers recoup a portion of their lost wages if they are unable to work during their recovery period. The amount of disability benefits that an employee receives is dependent on the degree and duration of their disability, or inability to return to work.
Disability or lost-wage benefits can be temporary or permanent.
Death or Survivor Benefits Under Roswell Workers’ Compensation Insurance
Sometimes the worst happens and an employee is killed on the job. While this is the worst possible scenario for everyone involved, New Mexico workers’ compensation insurance offers benefits to help ease the financial burden for the injured worker's surviving family members.
A deceased employee’s family may receive a portion of their compensation for a certain period following the death. The surviving family may also receive a separate lump-sum payment designated for funeral expenses.
Currently, New Mexico workers’ compensation death benefits are paid to the worker's dependents, up to the full compensation rate, for the maximum period of benefits. The maximum amount due is how much the worker would have received in temporary total disability benefits, up to 700 weeks.
A deceased worker’s family will also receive $7,500 in funeral benefits.
What Happens When Workers’ Compensation Claims Are Disputed?
Sometimes, an employee, an employer, or even an insurer has concerns about a particular workers’ compensation claim. Claims can be denied, complaints can be made, and all parties involved must have a means to fairly resolve any denials or disputes.
The New Mexico Workers’ Compensation Administration provides an Adjudication Bureau, which is tasked with providing assistance when claims are in dispute. The Adjudication Bureau is staffed with professional mediators and judges who work with the parties to resolve complaints and disputes according to New Mexico law.
Find the Best Workers’ Compensation Insurance in Roswell
New Mexico workers’ compensation insurance is very complex and is governed by a set of very specific rules and regulations. Failure to comply can lead to steep fines and penalties for your Roswell business.
To learn more about workers’ compensation insurance and obtain quotes, you need an experienced and knowledgeable independent insurance agent. An independent agent can help you understand the New Mexico workers’ compensation laws and will help you get the coverage you need to protect your employees and your business.
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