Cheap Workers Compensation Insurance Quotes North Carolina

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.

Cheap Workers Compensation Insurance

Coverage Requirements for Workers Compensation Insurance in North Carolina

If your employee is sick or injured from the job, workers comp insurance is going to cover for the costs associated with their absence. It can be used to pay for their medical bills for treatment of an injury or illness, as well as loss of income.

It can also cover for the funeral costs when the employee unfortunately suffers from fatal injuries in the workplace. Additional death benefits can also be given to the family.

All business owners who purchased workers compensation insurance for their employees must carry certificate of insurance. This will serve as proof of the insurance policy for your employees.

Cost of Workers Compensation Insurance in North Carolina

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.

Cheap Workers Compensation Insurance

Tips to Buy Workers Compensation Insurance in North Carolina

Buying workers compensation insurance is a must in North Carolina. There are steep penalties involved if you fail to do so. For example, the Industrial Commission charges a fine of $1 per day per employee for if you are unable to provide this insurance to your employees. This equates to a minimum fine of $50 per day or a maximum of $100 a day.

When shopping for workers comp insurance, make sure to look beyond the rates. Gather as many quotes as you can. While there are insurance providers that specialize in offering cheap rates, you need to make sure that the coverage requirement is equivalent to your needs. This means that your employees will get the right amount of medical coverage they need so you no longer have to pay out of your own pockets.

There are websites and online tools that offer free quotes and enable you to compare policies with ease. Make sure to take advantage of them so you know your insurance options and can give you peace of mind against financial loss.

Cheap Workers Compensation Insurance Quotes Near Me

Cheap Workers Compensation Insurance Quotes North Carolina

Best Workers Compensation Insurance Companies

North Carolina Industrial Commission

430 N Salisbury St, Raleigh, NC 27603

(919) 807-2500

Kevin Bunn, Attorney at Law

202 Davis Grove Cir #105, Cary, NC 27519

(800) 665-8945