Employers in Rock Hill must provide their employees with a safe workplace, including proper insurance. In South Carolina, you must follow the laws about which employees are entitled to workers' compensation insurance coverage.
Workers' compensation coverage provides the employee with the medical care they need to recover from a workplace-related injury or illness. The policy pays regardless of who is at fault. When you work with a Rock Hill independent agent, you'll have access to an experienced professional who understands the laws in your area. They can help you remain in compliance while they work to get you the lowest possible rates.
Use our independent agent matching system today to find a Rock Hill agent and get started saving money on your company's workers' compensation insurance.
What Are The Basics of Workers' Compensation Laws in SC?
Whether you have full-time or part-time employees, South Carolina requires all employers to carry workers' compensation coverage. Even certain statutory employees are entitled to coverage under South Carolina's laws.
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
It may seem tempting to take your chances and ignore the laws about workers' compensation coverage, but doing so subjects you to expensive and time-consuming liability lawsuits if one of your employees is in an accident or gets sick. You may also be liable for steep fines imposed by the state for failing to comply with workers' compensation coverage laws.
What Does Workers' Compensation Cover in Rock Hill, SC?
Rock Hill employers providing workers' compensation participate in a state-regulated program that covers medical bills and wage replacement for their employees if they are hurt on the job.
After an illness or injury, the affected worker may require ongoing medical support or disability benefits. Workers' compensation also covers those costs. If the injury or illness results in the death of a worker, their family receives a death benefit as well.
In South Carolina, an employee accessing workers' compensation benefits agrees not to sue their employer for damage. If you don't provide the legally mandated workers' compensation coverage to your employees, you could open your company to expensive and time-consuming liability lawsuits.
Who Does Workers' Compensation Cover in Rock Hill, SC?
Employees of a company with four or more workers on the payroll in South Carolina should receive workers' compensation insurance through their employer. If a worker is injured or becomes ill due to a covered event at work, they should have access to benefits that compensate them for related medical expenses and wage replacement.
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How Much Does South Carolina Workers' Comp Cost?
Your workers' compensation insurance premiums depend on a few key factors:
- NCCI Industry Classification Code
- Total annual payroll amount
- Workers' compensation insurance claims history
Each job title at your company receives a classification code that helps underwriters categorize jobs according to their level of risk. It's crucial to accurately represent your employees' work activities for each position at your business so you pay the correct workers' compensation insurance premium.
You may pay higher premiums for workers' compensation insurance if you have a history of making claims. Your claims history helps underwriters determine whether you consistently provide a safe working environment for your employees.
South Carolina Workers’ Compensation Base Rates
The National Council of Compensation Insurance sets workers' compensation rates based on classification codes and risk ratings.
Your underwriter bases insurance premium quotes on a base rate range for each job at your company. They also use information about your management policies and safety practices to help formulate your premium.
Unlike generic search engines where you could get a workers' compensation quote, your independent agent is in direct contact with the insurance companies as they collect premium quotes. They can help negotiate a better rate for you by helping underwriters understand how your company provides a safe workplace for your employees.
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
If you have an experience modification rate (EMR), your underwriter will use it to better understand your safety record compared to other companies in South Carolina in your industry. Companies with higher EMRs tend to pay more for workers' compensation insurance.
Accidents resulting in workers' compensation claims negatively affect your experience modification rating for three years.
South Carolina companies get an EMR if they pay an average of $4,500 more per year for workers' compensation insurance for a period of more than two years, or if their premium was at least $9,000 last year.
How To Get Workers' Compensation Insurance Discounts
Your independent agent will work with you to identify how you can most effectively lower your workers' compensation premiums while remaining compliant with South Carolina laws.
You may need to evaluate which employees you currently cover to make sure you aren't overpaying for this essential insurance. Sole proprietors, partners, and members of an LLC aren't legally required to have coverage. Corporate officers can have workers' compensation insurance, but they can also choose to exclude themselves.
Your agent will make sure you have the right classification code for your company as well. Incorrectly classified businesses may pay too much for workers' compensation insurance.
The best way to find every discount across your business insurance policies is to work with an independent agent who gets to know your business. When you use an internet search engine to find rates and buy your policy, you are likely to pay a lot more than you would with the personalized attention you'll get from a Rock Hill agent.
Most Common Workers' Compensation Claims in SC
Slip and fall injuries and trip and fall injuries are the most common workers' compensation claims in South Carolina. There are also many claims related to repetitive motion injuries, brain injuries, occupational illnesses, and chemical exposure.
You can help prevent many of these claims by following proven safety practices. Talk with your agent about ways to make your workplace safer.
Where Can You Purchase Coverage?
In South Carolina, you can get state-mandated workers' compensation insurance from a commercial insurance company licensed to write workers' compensation insurance in the state.
Some companies can't get a policy from a private insurer due to their claims history. If you have to get your coverage from the state's assigned risk program, you can go through the National Council on Compensation Insurance (NCCI) with help from your independent agent.
How A Rock Hill, SC, Independent Agent Can Help
Without state-required workers' compensation coverage, your company is at risk of being sued for liability damages after an illness or injury to one of your employees. Without the proper coverage, you are also at risk of being fined by the state for failing to remain in compliance with their laws.
Your Rock Hill agent can help you understand your workers' compensation insurance options. They'll make sure you get every discount across your business insurance policies, as well. Contact an independent agent today.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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