Kentucky law is pretty clear: If you have one or more employees, you are required to obtain workers’ compensation insurance to pay medical benefits and lost wages if an employee gets hurt on the job. The average cost of a workers’ compensation policy in the state is $1 per $100 of payroll––that’s across all industries….
Insurance
Mississippi Workers’ Compensation: Laws, Providers & Costs
Mississippi employers who have at least five employees must get workers’ compensation insurance. This coverage is designed to protect employees who are injured at work. While premiums vary widely, the average rate for a Mississippi workers’ compensation policy is $1.22 per $100 of payroll across the state. Don’t get overwhelmed when shopping for workers’ compensation…
Oklahoma Workers’ Compensation: Laws, Providers & Rates
The Oklahoma Administrative Workers’ Compensation Act mandates that nearly all Oklahoma employers provide workers’ compensation insurance to their employees. This law includes both full-time and part-time workers. On average, Oklahoma employers can expect to pay $1.21 per $100 of payroll in workers’ compensation premiums. Finding a workers’ comp policy is easy when you use a…
Alabama Workers’ Compensation: Laws, Providers & Costs
In Alabama, state law requires employers carry workers’ compensation insurance when they have five or more employees. This insurance provides medical benefits and covers partial lost wages if an employee is injured while on the job. Alabama employers can expect to pay an average of $1.01 per $100 of payroll for the right insurance policy….
5 Best LLC Insurance Companies
A limited liability company (LLC) needs insurance just like any other business entity, but different policies cover different risks. The type of coverage you get is contingent on what your LLC does and how it does it. For example, most LLCs need general liability, but those that offer professional services also need professional liability coverage….
Workers’ Compensation Costs By State
The United States Bureau of Labor Statistics (BLS) says private industry employers pay 45 cents per hour worked for workers’ compensation or approximately 1.3% of employers’ total compensation costs. However, every state runs its program differently, and that causes variations in workers’ compensation costs by state. Rates can be as low as 7 cents per…
Save Money by Improving Your Experience Modification Rate
An experience modification rate (EMR) is a multiplier insurance companies use to help set workers’ compensation premiums. Insurers determine your EMR by looking at your workers’ comp claims history and potential for future injuries compared to your others in your industry. Businesses with lower EMRs pay less for their workers’ compensation insurance. EMRs commonly range…
Minnesota Workers’ Compensation: Laws, Providers, & Costs
The Minnesota Workers’ Compensation Act mandates that all employers (with few exceptions) need to maintain a workers’ compensation policy for employees. This coverage provides medical benefits and pays lost wages to employees who are hurt at work. Employers in Minnesota pay an average of 99 cents per $100 of payroll in premium for workers’ compensation…
What Is LLC Insurance Coverage & How Much Does It Cost?
Limited liability company (LLC) insurance refers to policies business owners buy to protect their business assets. Different policies protect against different risks, but LLC insurance typically includes coverage for a business’s liability and its property. Most LLCs can combine these coverages in a business owner’s policy (BOP) that costs between $350 to $1,000 per year,…
What Does Workers’ Compensation Insurance Cover?
Most business owners know that workers’ compensation insurance covers employees when they’re injured on the job. However, they may not know that policies in almost every state also pay their legal fees if an employee decides to sue for their injuries. Understanding this and other details about workers’ compensation coverage can come in handy should…
What Is FDIC Insurance?
FDIC insurance is a banking term that refers to the government-backed insurance provided by the Federal Deposit Insurance Corporation (FDIC). FDIC is an independent agency that protects depositors against financial losses in case the covered bank fails to repay them. The standard FDIC insurance amount is $250,000 per depositor per insured bank, for each account…
How to Appeal a Workers’ Comp Claim
Getting a workers’ compensation insurance claim denied can be the straw that breaks the camel’s back in more ways than one. You’re already injured and unable to work with medical bills piling up, so your next move is to appeal the workers’ comp claim denial. However, to be successful, you need to follow state regulations…