The North Carolina Worker’s Compensation Act contains the policies and regulations that all business owners must abide. It mandates that all businesses in North Carolina with three or more employees must carry workers compensation insurance. This includes but is not limited to sole proprietorships, LLC, partnerships, and corporations.
However, LLCs and sole proprietors are considered business partners and not employees. Therefore, obtaining workers comp insurance is only optional rather than required by law.
The cost of workers compensation insurance in North Carolina will depend on a number of factors. The first and most obvious factor is the number of employees you have and the size of the payroll. The nature of your business is also an important consideration. Some jobs entail more risks than others; therefore, insurance providers will take this information into account when determining the price of your insurance premium.
The risk of your work environment is assessed based on the classification code. Make sure to check your industry’s code so you have an idea of the average rates of workers comp insurance for your business.
To make a claim, employees must report to their employees within 30 days from the day the injury was sustained. It is also important to file the workers comp claim to the state’s Industrial Commission.
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