If you have employees in Mount Pleasant, South Carolina, you are legally required to provide them with certain types of insurance, including workers' compensation coverage. You must provide your workers with a safe place to work. If they are injured or become ill on the job, workers' compensation insurance helps protect your business from being sued.
The policy pays no matter who is at fault for the incident. This type of essential coverage is state-mandated, and non-compliance could result in hefty fines.
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What Are the Basics of Workers' Compensation Laws in SC?
South Carolina requires all employers with one or more employees to carry workers' compensation coverage. The rule includes some statutory employees as well.
You may not have to provide coverage if:
- You have fewer than four employees (full-time or part-time)
- Subcontractors employed by your contractor are already covered under another workers' compensation plan
- Your total annual payroll during the past year for all employees was less than $3,000
- Your employees are commission-paid real estate agents
While it may be tempting to skip this coverage, especially if you have only a few employees, doing so opens your business to lawsuits and fines. In the long run, it's smarter to take the time to talk with a local agent about how you can stay in compliance with the local laws with a policy that saves you money.
What Does Workers' Compensation Cover in Mount Pleasant, SC?
Mount Pleasant employers providing workers' compensation are part of a state-regulated system that covers wage replacement and medical bills for their employees if they are hurt or get sick on the job.
After an injury or illness, your worker may require medical support or even disability benefits. Workers' compensation covers costs related to any care your employee requires. If the illness or injury results in death, your workers' family receives a death benefit under your workers' compensation policy, as well.
In South Carolina, if your employee accesses workers' compensation insurance, they also must agree not to sue you for damages. This provides another layer of protection for SC employers.
Who Does Workers' Compensation Cover in Mount Pleasant, SC?
South Carolina employers with workers' compensation insurance can connect their injured or ill employees with benefits including medical support and wage replacement after a covered incident.
How Much Does South Carolina Workers' Comp Cost?
A company's workers' compensation insurance premiums depend on a few key factors:
- NCCI Industry Classification Code
- Total annual payroll amount
- Workers' compensation insurance claims history
Every individual job title at your business has a classification code to help underwriters categorize jobs according to risk. When you accurately describe each employee's duties, you increase the chances that their job will be correctly classified. This could prevent you from paying larger-than-necessary insurance premiums.
If you have a history in the past few years of making workers' compensation claims, you may pay higher rates for insurance in the future. Your claims history is one way underwriters determine your workers' ongoing risk of illness or injury.
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South Carolina Workers’ Compensation Base Rates
The National Council of Compensation Insurance sets workers' compensation rates based on risk ratings and classification codes.
Your underwriter bases insurance premium quotes on these main factors:
- Your safety policies
- Your management practices
Your agent will be in contact with your insurance company to help explain how you work toward providing the safest possible environment for your employees. When you use a generic insurance rate finder on the internet, you won't get the benefit of that kind of one-on-one representation. Your agent can help negotiate a better rate for your company and save you money.
Here are some examples of base rate ranges per $100 of employer payroll. Rates are subject to change each year.
- 5183 Plumbing Contractors: $2.45 - $6.58
- 5551 Roofing Contractors: $18.12 - $48.63
- 7230 Package and Parcel Delivery: $10.67 - $28.64
- 7605 Alarm Installation & Repair: $1.91 - $5.13
- 8810 Clerical - Office Employee: $0.14 - 0.38
- 8832 Medical Office - Doctor, Dentist, Chiropractor, Optometrist: $0.23 - $0.62
How Experience Rating Affects Workers' Compensation Costs
You may have an experience modification rate (EMR) that helps your underwriter understand how your safety record compares to other employers in your industry.
A company with a higher EMR tends to pay more for workers' compensation coverage. If there is an accident causing illness or injury at your business, it could negatively affect your EMR for the next three years.
If you pay more than $4,500 on average each year for your total workers' compensation insurance coverage or if your premium was $9,000 or more last year, you'll get an EMR in South Carolina.
How To Get Workers' Compensation Insurance Discounts
Your agent in Mount Pleasant will talk with you about the best ways to get all the discounts your business may be entitled to. They'll help you negotiate the lowest possible rate with your insurer while staying in compliance with South Carolina's workers' compensation guidelines.
It may be worthwhile to re-evaluate which employees you cover under this policy. In South Carolina, sole proprietors, partners, and members of an LLC aren't legally required to have coverage. Your corporate offers can choose to exclude themselves from coverage.
Your agent can help you make sure you have the right classification code for your business since incorrectly classified companies tend to pay more than necessary for workers' compensation insurance coverage.
The best way to get every possible discount on your business insurance is to work closely with a local agent that understands South Carolina's rules about workers' compensation coverage.
Most Common Workers' Compensation Claims in SC
In South Carolina, your workers are statistically most likely to sustain injuries from slip and fall injuries and trip and fall injuries. Repetitive motion injuries, brain injuries, occupational illnesses, and chemical exposure are also responsible for many workers' compensation claims in the area.
Many of these expensive injuries are 100% preventable. Talk with your agent about implementing some proven safety practices and make sure you provide the safest possible workplace for your employees.
Even with adequate safety measures in place, your employees can still have accidents. That's when having the right types and amounts of workers' compensation coverage is crucial.
Where Can You Purchase Coverage?
You can get the state-mandated workers' compensation coverage you need for your business from a commercial insurance company licensed to write workers' compensation insurance in South Carolina.
It's best to use a local agent to find the right workers' compensation insurance provider, instead of getting mixed up with companies that may not have the right type of license to cover companies in your state.
If you must get coverage from a South Carolina assigned risk program, you can do so through the National Council on Compensation Insurance (NCCI) with help from your independent agent.
How a Mt. Pleasant, SC, Independent Agent Can Help
You need state-required workers' compensation coverage to avoid risking your company's financial health and wellbeing with a liability lawsuit. You are also at risk of being fined by the state if you fail to have the proper business insurance policies in place.
Your local independent agent can get started helping you build your ideal business insurance policy, including workers' compensation insurance, right away.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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