workmans compensation is a special insurance program required for employers in most states. It helps ensure that employees who are injured on the job receive adequate and immediate medical care for their injuries. On the job accidents can be devastating for both employers and the employees who get injured. Depending on the industry, employees can be left permanently scarred or altered after a serious injury.
If you’re a business owner, it is critical to understand how workmans compensation in Oregon works. Knowing about the process can help ensure your business is compliant and your employees are protected. It can also help you mitigate risk, both personally and professionally.
Here’s what you need to know about workmans compensation in Oregon, whether you are an employee or a business owner.
Who must carry workmans compensation insurance in Oregon?
Most companies with employees must carry workmans compensation insurance but there are some exceptions. Businesses who employ part-time, seasonal, and temporary employees must carry worker’s compensation coverage. However, sole proprietors and independent contractors are not required to carry it if they have no employees. Domestic workers, home health workers, and those earning less than $500 per year do not require workmans compensation insurance coverage.
If you are unsure whether your business is required to carry workmans compensation, you can always ask your insurer. It is never a bad idea, but it isn’t always required. Oregon offers some of the lowest workmans compensation rates in the nation. Employers may purchase coverage through a private insurer or from the state fund.
What is covered by workmans compensation?
Workmans compensation insurance aims to provide immediate medical care to injured workers at no cost to them. Injured employees can receive appropriate and ongoing medical care as well as necessary testing and prescriptions. If physical or occupational therapy is required for recovery, that will be covered as well. Even transportation costs to and from necessary medical appointments is paid for by the insurer.
If an employee is out of work for more than 7 days to heal from their injuries, they may recover a portion of their lost wages which is usually equal to two-thirds their weekly average. In the unfortunate event an employee suffers a temporary or permanent disability from their injuries, they may receive a lump sum payment from the insurer. Tragic work related accidents that result in fatalities pay out a death benefit to help cover funeral and burial costs.
Get a Quote for workmans compensation in Oregon Today
If you own a business in Oregon and you have at least one employee, chances are you need workmans compensation insurance. workmans comp insurance protects both business owners and employees in the event of a tragic accident in the workplace. These terrible accidents can be financially devastating for both parties. workmans compensation insurance encourages employers to provide a safe workplace environment while ensuring that injured employees get immediate access to medical care. Whether you already own a business, you are thinking of starting one, or you are interviewing your first employee you can get your free workmans compensation insurance quote today.
Also Read: How Can My Auto Insurance Policy Include Accident Forgiveness?
