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Workers Compensation Insurance

What is Workers Compensation Insurance?

Required in every state, workers compensation covers lost wages, benefits, and medical expenses for employees who suffer injury on the job. Nearly all businesses are required to offer worker’s compensation to their employees, with the exception of the self-employed, independent contractors, and companies who employ fewer than three people. Several state and federal agencies oversee and administer workers compensation, including OSHA, the N.C. Department of Labor, and the N.C. Industrial Commission.1

All About Insurance knows small businesses in North Carolina drive state industry and the economy. Without excellent employees who are covered by robust insurance programs, small businesses will struggle to succeed. At All About Insurance, we’ll provide you with dependable workers compensation insurance to ensure your business complies with state and federal law. That way, if an injury occurs to one of your employees, that employee will continue to receive a livelihood and coverage for medical expenses while he recovers.

Why workers compensation?

Workers compensation exists to protect employees from losing their income and incurring exorbitant medical expenses as a result of on-the-job injury. This compensation became prevalent in the United States during the early 1900s when on-the-job injuries in the industrial field were common. In addition to employees, workers compensation insurance protects employers and businesses from most lawsuits involving injuries requiring workers compensation. In fact, offering workers compensation for injured employees is typically less expensive for an employer than weathering a costly lawsuit should an employer be found negligent in offering compensation.2

The penalties for not offering complete compensation claims or avoiding workers compensation can be severe. Disputed claims often require mediation, with the cost of mediation being shared between plaintiff, employer, and an insurance company.3

Generally speaking, in practice workers compensation costs are passed from the employer to their consumer, with employers adjusting their production or service cost to reflect the need to have workers compensation insurance.4

Key facts about Workmans Comp

  • Practically all American employers are required to offer workers compensation.
  • Injured employees should report on-the-job injuries as soon as possible. For hospitalizations, amputations, and eye losses, OSHA mandates those injuries be reported within twenty-four hours.5
  • Compensated ailments are not just limited to physical injury; they also include cumulative injury trauma, like inhaling coal dust over several years, and occupational illnesses and mental disorders developed from job-related stress.6
  • In North Carolina, injured employees are eligible to receive compensation after the first seven days of lost work time. This compensation constitutes weekly payments at 66.6% of an average weekly wage and should not exceed $884.00 per week as of 2013.7

Helpful Resources

 

 

1"Workers' Compensation." Gale Encyclopedia of Everyday Law. Ed. Donna Batten. 3rd ed. Vol. 2: Health Care to Travel. Detroit: Gale, 2013. 1137-1141. Gale Virtual Reference Library. Web. 2 Nov. 2015.

2Goldberg, Stephanie, "Losing track of comp injuries hurts employers." Business Insurance 49, no. 17 (August 17, 2015): 0001. Business Source Complete, EBSCOhost (accessed November 2, 2015).

3http://www.ic.nc.gov/faqs.html

4"Workers' Compensation." Gale Encyclopedia of Everyday Law

5Goldberg, Stephanie, "Losing track of comp injuries hurts employers."

6"Workers' Compensation." Gale Encyclopedia of Everyday Law

7http://www.ic.nc.gov/faqs.html

Our Locations

All About Insurance - Nationwide-Cary

590 East Chatham Street Ste. 100
Cary, NC 27511
Main office: 919-460-9996
Fax: 919-460-8897

All About Insurance - Acceptance Auto

3604 University Dr
Durham, NC 27707
Main office: 919-493-2911
Fax: 919-489-6399

All About Insurance - Auto Insurance Center

2626 S. Saunders St.
Raleigh, NC 27603
Main office: 919-832-2410
Fax: 919-828-6411

All About Insurance - Joel Davis Agency

410 S Main St
Graham, NC 27253
Main office: 336-222-9999
Fax: 336-228-1307

All About Insurance - Joel Davis Agency

2666 Ramada Rd
Burlington, NC 27215
Main office: 336-222-9998
Fax: 336-228-3153

All About Insurance - Mark Vitali Agency

1289 N. Fordham Blvd.
Chapel Hill, NC 27514
Main office: 919-933-4000
Fax: 919-933-5150

All About Insurance - Nationwide-Eden

210 E Kings Hwy
Eden, NC 27288
Main office: 336-627-1852
Fax: 336-623-5008

All About Insurance - Nationwide-Hillsborough

342 S Churton St.
Hillsborough, NC 27278
Main office: 919-732-2692
Fax: 919-732-6328

All About Insurance - Whitehurst Parker Agency

2605 Guess Rd
Durham, NC 27705
Main office: 919-479-8200
Fax: 919-471-3701

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