Workers' Compensation Insurance
Workers' Comp Insurance in
Rock Hill & Greenville, SC
Modern workplaces have improved significantly when it comes to safety. However, the law in most states still mandates that your organization has workers' compensation insurance. According to data from the Bureau of Labor Statistics, 3.1 workers' compensation claims are made for every 100 full-time employees.
Having workers' compensation insurance from CIIG will keep your organization compliant and help you avoid the hefty costs and penalties of not protecting your workers against operational hazards.
CIIG is an independent insurance company offering its services primarily in Rock Hill & Greenville, South Carolina. Read on to learn about workers' compensation insurance, its benefits, and why you should get workers' comp insurance from us.
What is Workers' Compensation?
Workers' compensation is insurance that awards workers benefits in cash or medical care when they're injured or become ill as a direct result of their work. The insurance can also pay death benefits to families if their loved one passes on due to their job.
Employers typically pay for this insurance. Thus, the employee should not contribute in any way to the cost of compensation.
Types of Expenses Covered by Workers' Compensation Insurance
Workers' compensation insurance covers:
Medical Care
Cost of Retraining
Permanent Injury Compensation
Benefits to Survivors
Replacement Income
Workers' compensation insurance is mandatory in most states. However, the wage and medical benefits vary depending on various state factors.
Workers' compensation is also viewed as social insurance, where the workers waive their rights to sue the employer in case of a work-related injury as long as they have workers' compensation.
Do You Need Workers' Compensation?
Most states mandate that businesses with employees who're not owners must purchase workers' compensation insurance. Failure to comply with these regulations can lead to the following:
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Out-of-pocket payments for laid claims
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Fines
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Imprisonment
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Losing the right to conduct business within the state
You should consider not only the laws of the state where your company or business is headquartered but also where it employs its workforce. The laws for those states will apply.
Here at CIIG, we help assess your business and its risks and advise you on the best workers' compensation insurance policy you can take based on your state's requirements. Typically, we'll address whether you need SC workers' compensation insurance if:
Self-Employed
In most states, you don't need workers' compensation insurance coverage if you're a sole proprietor or self-employed with no employees.
Despite not being required by law, you should still purchase workers' compensation coverage for yourself to cover lost wages and medical bills if you get injured while on the job.
1099 Employees
Even when not explicitly required by law, it's often a good idea to include 1099 employees in your workers' compensation insurance policy.
If you're an independent contractor, some businesses may require you to have worker's compensation for yourself to reduce liability.
Part-Time Employees
In most states where workers' comp coverage is mandated for full-time employees, part-time and seasonal employees are also eligible for the cover.
Subcontractors
Different states have different definitions of an employee. Depending on your state's definition, you may have to purchase workers' compensation insurance for your subcontractors.
Some states require this mandate to be fulfilled even if the subcontractor already has workers' comp cover that they pay for themselves.
What is the Workers' Compensation Board?
After an employee makes a workers' compensation claim, the employer's insurance carrier pays weekly cash or medical benefits as directed by the Workers' Compensation Board, a state agency responsible for processing workers' compensation claims.
Intervention from the Worker's Compensation Board is typically not necessary. However, when involved, they determine whether the insurer should reimburse medical care or cash benefits and the amounts payable.
Determining a workers' compensation case rarely involves finding out who's at fault. The amount payable is not strictly affected by the carelessness of either party.
However, a worker may lose their rights to compensation if it's determined their injury was a direct result of intoxication from alcohol or drug use or the intent to injure themselves or another party.
What are the Benefits of a Workers' Compensation Insurance Plan?
Getting an SC workers' comp insurance cover from CIIG will benefit your business in the following ways:
It Will Protect Your Employees
Workers' compensation insurance protects your employees from the cost of accidents that can happen while at work which can incapacitate them, cause illness, loss of livelihood, or loss of life.
Most employees cannot afford the hefty medical expenses that often accompany such accidents or recoup their lost wages. A workers' compensation policy ensures that your employees can pay for their medical bills and recover lost wages.
Why Choose CIIG?
Why should you get workers' compensation insurance coverage from us? We are a dependable, trustworthy, and affordable insurance provider with a wealth of experience working with various businesses and providing them with the best insurance that covers their needs.
We serve the larger South Carolina area, specifically Rock Hill & Greenville.
We have a team of highly-experienced advisors who understand state laws well and can offer your business an affordable, tailored workers' compensation policy that will protect you from legal trouble and ensure your employees are well-protected and compensated in case of injury or death.