From dining establishments in Cool Springs to vehicle production at Nissan’s North American headquarters, there is an abundance of business types to be found in Franklin, TN. If you are among this city’s employers, it is your duty to provide your workers with a safe and healthy work environment. Still, accidents sometimes happen, which is why workers’ compensation insurance is so important. If you are looking for a reliable and affordable workers’ compensation policy, you can benefit from contacting an independent insurance agent with an office in or near Franklin. Find a local independent insurance agent to learn more and get started.
Do Businesses in Franklin Need to Have Workers’ Comp Insurance?
Not all businesses are required by Tennessee state law to carry workers’ compensation insurance, but many are. In Franklin, all construction companies and any businesses in the coal mining field must have this insurance. All other types of businesses are required to have this coverage only if they employ five or more workers. Family members, part-time workers, and corporate officers must be included when counting the number of workers. Although it is not necessary to purchase coverage for partners, corporate officers, sole proprietors, or LLC members, you can include them in your policy if you want to.
How Much Does Worker’s Compensation Insurance Cost in Franklin, TN?
Your cost for coverage will be based on your company’s overall payroll and the types of jobs your employees do. The Workers’ Compensation Division of the TN Department of Labor and Workforce Development assigns rates for thousands of different job classifications. Insurance companies covering Franklin businesses must use these rates when calculating your cost for coverage. The following are average rates paid per every $100,000 in employee payroll for the three most common business industries in Franklin, TN:
- Professional, Scientific & Technical Services: $190 a year
- Retail Trade: $1,230
- Finance and Insurance: $260 a year
The top three industries in Franklin are also some of the least expensive to insure. This is because the risk of worker injuries is low. Of course, these are just average rates and the costs can vary according to more specific information regarding the jobs your employees do. You may also qualify for better discounts from one insurance company than another, so it pays to compare quotes. Talk to a local independent insurance agent to find out how much workers’ compensation will cost for your particular business.
Franklin Workers’ Comp Covers Medical Care for Worker Injuries
If your employees are hurt while doing their jobs, or if they become ill due to exposure to toxic substances in the workplace, they will need to seek medical attention. Workers’ compensation for Franklin businesses is designed to cover the costs of all necessary medical treatment, medications, and follow-up care, including physical therapy and long-term care if necessary. As the policyholder, you can select which authorized treating physicians your employees can go to in order to receive care.
Exceptions are made for serious injuries requiring immediate care. In that case, workers’ comp would cover treatment at the closest emergency room. Follow-up care can then be administered by an approved physician. If an employee must travel more than 15 miles one way to receive treatment, workers’ compensation will also provide reimbursement for their mileage as well as for various travel expenses, including meals and lodging, if needed.
Franklin Employees Get Disability Coverage through Workers’ Comp
Temporary disability coverage is designed to replace lost wages if an employee must take more than seven days off work due to a work-related injury. This can provide your employees with 2/3 of their average weekly earnings for the duration of their recovery. If a physician approves an employee to return to work but stipulates that they can only do light-duty work, the employee must report for this work or risk losing their disability benefits.
If the light-duty work pays less than their previously earned wages, workers’ compensation will bridge the gap by covering 2/3 of the pay difference. If an employee suffers a serious injury and becomes permanently disabled, they may be eligible for a lump-sum settlement payment. This will provide 450 weeks’ worth of compensation in an amount that is based on the employee’s previously-earned wages and their impairment rating.
Franklin Workers' Compensation Covers Job-Related Fatalities
Sadly, workplace injuries are sometimes fatal. If an employee dies because of a job-related illness or injury, your workers’ compensation policy can provide death benefits. This insurance will cover your employee’s burial expenses in an amount of up to $10,000. It will also provide compensation to surviving family members as follows:
- If the employee leaves behind a spouse but no dependent children, the spouse can receive a weekly benefit of 1/2 the employee’s average weekly wages.
- If the employee leaves behind a spouse and dependent children, the spouse can receive a weekly benefit of 2/3 the employee’s average weekly wages.
- If the employee leaves behind no spouse or dependents, a lump sum payment of $20,000 will go to the employee’s estate.
Your local independent insurance agent can provide you with assistance throughout the claims process if needed.
Find the Best Workers’ Compensation Insurance in Franklin
If your Franklin business is required to carry workers’ compensation insurance, you can be sure you are getting a great policy at a competitive rate by working with a local independent agent. These agents can help you get matched up with a reliable insurance company that specializes in covering businesses like yours.
Contact an insurance agent in or near Franklin to learn more and start comparing workers’ comp insurance rates.