If you have employees in Dyersburg, you are expected to provide them with a safe and healthy environment in which to work. Unfortunately, accidents sometimes happen, even to the most careful people. If your workers are injured or become ill on the job, your business is responsible for covering necessary medical treatment and associated financial losses. Workers’ compensation insurance can provide this coverage. Independent Insurance Agents with offices in or near Dyersburg can shop around to help you find the best and most affordable workers’ compensation policy to cover your specific business. Contact an insurance agent near you to start comparing quotes.
Is Workers’ Compensation Insurance Required in Dyersburg?
Many, but not all, employers in Dyersburg are required to have workers’ compensation insurance. The state of Tennessee mandates that all businesses in the construction or coal mining fields, as well as all other businesses that have at least five employees, must carry this coverage. It is not necessary to cover sole proprietors, LLC members, partners, or corporate officers; however, you do have the option to include these employees in your policy if you want to.
How Much Does Worker’s Comp Insurance Cost in Dyersburg, TN?
Rates for workers’ compensation insurance are calculated according to the kinds of jobs your employees do and your company’s overall payroll. Every job type is assigned a classification code, and the Tennessee Department of Labor and Workforce Development assigns rates for each of these job classifications. The more likely a worker is to suffer a significant injury on the job, the higher the cost for coverage.
Commercial insurance companies are required to use these assigned base rates when calculating costs for coverage. Because they have some leeway when it comes to offering discounts and incentives, it is in your best interest to compare policies and quotes from a few different insurance companies before you make a selection. The following are average rates paid per every $100,000 in employee payroll for the three top industries in Dyersburg, TN:
- Manufacturing: $4,510 a year
- Construction: $10,847 a year
- Retail Trade: $1,230 a year
The construction industry is among the most dangerous to work in, and the workers’ comp insurance rates for this industry reflect that. Of course, these rates can vary as well depending on the type of construction being done. For assistance getting actual, customized quotes for your particular business, contact a local independent insurance agent.
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What Does Dyersburg Workers’ Comp Insurance Cover?
Workers’ compensation insurance (sometimes referred to as “workman’s comp”) is designed to cover the costs associated with on-the-job injuries and illnesses. This saves your employees from facing large financial losses as a result of these injuries, and it also significantly reduces your company’s risk of being involved in a liability lawsuit. You can expect your Dyersburg workers’ compensation insurance policy to pay for the following:
- Medical treatment: Workers’ compensation will cover all costs associated with necessary medical treatment and follow-up care related to illnesses and injuries sustained on the job.
- Mileage reimbursement: If your employee must travel more than 15 miles one way to receive necessary medical treatment for a work-related injury or illness, workers’ comp will reimburse their mileage and travel expenses.
- Short-term disability: Employees who need more than seven consecutive days to recuperate from a work-related injury can collect a weekly benefit of 2/3 of their average weekly pay until they are able to return to work.
- Permanent disability: If a work-related injury is so severe that the injured employee cannot return to work, workers’ comp can provide up to 450 weeks’ worth of compensation in an amount that is based on both the employee’s average wages and the severity of their injury.
- Death benefits: If an employee dies due to a work-related injury or illness, workers’ comp will cover burial expenses up to $10,000 and will provide compensation to the employee’s spouse and dependent children. If the deceased employee has no spouse or dependents, $20,000 will be awarded to their estate.
You can get more information about each of these benefits by talking with a local independent insurance agent.
What If Your Workers’ Compensation Claim Is Denied?
Workers' compensation claims are sometimes denied. This may happen if your insurance company has reason to believe that the injury in question was not actually work-related or that it was intentionally self-inflicted. Claims may also be denied if the injured worker was under the influence of drugs or alcohol at the time of the incident. If an employee believes that their workers’ compensation claim was unjustly denied, or if they are unhappy with a proposed settlement amount, they can appeal the decision by filing a petition with the Tennessee Bureau of Workers’ Compensation, where the case will be reviewed.
Find the Best Workers’ Compensation Insurance in Dyersburg
A local independent insurance agent can help you find an industry-appropriate workers’ compensation policy to cover your Dyersburg business. Your agent can provide you with customized quotes from competing insurance companies that specialize in covering businesses like yours. That way, you can be sure you are getting great coverage at a competitive price. Discover how easy it can be to find the right workers’ compensation policy for your business.
Contact an insurance agent in or near Dyersburg, TN to start comparing quotes today.