Workers Compensation Insurance Overview
Workers Compensation Insurance, also known as Workers Comp, is mandated by Wisconsin state law. Cordova Insurance Agency helps companies follow those laws by offering Worker Compensation Insurance coverage as required.
Wisconsin state law requires businesses to carry Worker Compensation Insurance if they employ at least three people full or part-time. If the company employees one person who earns at least $500 within one quarter, the company must carry Worker Compensation Insurance for that person, as well. The law requires these guidelines as the minimum coverage guidelines. However, it can help all companies of all sizes, whether required or not.
Why Workers Compensation Insurance is Important
People get injured on the job. Whether it is a desk job, or a person is climbing a telephone pole, injuries happen. Businesses must protect themselves when an employee is injured. Otherwise, the company is responsible for medical bills and other related expenses, including lost wages.
Any business that refuses to cover the necessary coverage, risks fines, and other penalties from the Wisconsin Department of Workforce Development. Therefore, most businesses do not have a choice in whether they want to carry Worker Compensation Insurance or not. However, they can choose who provides coverage.
Workers Compensation Insurance Coverage
Workers Compensation Insurance generally covers medical expenses as well as other expenses related to an injury on the job. Wisconsin considers a Worker Compensation Insurance injury a no-fault claim. However, if your employee receives a payout from Work comp, he cannot sue you for additional money.
Worker’s Comp Insurance helps in the following situations:
- Physical Injuries: WC Insurance helps to cover expenses related to physical injuries. Physical injuries include cuts, scrapes, and bruises. It could also help protect broken bones, concussions, amputations, paralysis, and other physical injuries resulting from an incident on the job.
- Mental Injuries: Sometimes, an injury at work can lead to a mental injury or disability. Work comp coverage helps pay for expenses related to brain injuries, nervous disorders, PTSD, hysteria, and other mental disabilities caused by on-the-job injuries.
- Medical Diagnoses: Workers have received medical diagnoses resulting from issues occurring on the job. For instance, some businesses have asbestos in their buildings. As a result, employees may obtain a cancer diagnosis. Work Comp Insurance helps to cover the resulting medical expenses and potential loss of income resulting from such a diagnosis.
- Disabilities: Illnesses and injuries can cause temporary or permanent disabilities. Such disabilities could lead to the inability to continue working. Work comp could help pay lost wages resulting from these disabilities.
Work comp coverage generally covers the following employees:
- Employees Who Happen to be Family Members
- Full-time Employees
- Part-time Employees
- Corporate Officers
- Minors
Furthermore, depending on the number of hours a sub-contractor worked, the amount of money they earned per quarter, they may qualify for Worker Compensation Insurance coverage from your company.
Worker Comp typically does not cover the following:
- Domestic Workers
- Workers in a different trade (workers that are not in the same trade as your business)
- Some farm workers, if there are less than six workers who work 20 or more days in the year
- Volunteers
- Religious Sect Members
- Workers at a Native American Business
Federal Work Comp Laws, instead of Wisconsin Laws, generally cover the following:
- Federal Employees
- Military
- Interstate railroad workers
- Seamen
- Unloaders of Boats and other Vessels
Worker Compensation Insurance can help pay lost wages for death resulting from a workplace injury or illness. It can also help cover lost wages for a person who may never work again due to a physical or mental health disability.
Finally, Wisconsin set up the Uninsured Employers Fund (UEF). This fund uses money collected from fines assessed against employers violating the Worker Compensation Insurance laws. Any employee that does not have coverage through his employer can file a claim for coverage through the UEF.
Related Policies
Insurance coverage is necessary for many businesses in Wisconsin to operate. However, businesses need to cover other issues, as well. They must maintain coverage for injuries to others, business loss, and more. Cordova Insurance Agency’s commercial insurance policies will protect your business from any losses, including loss of business income, monetary loss due to a personal injury claim, and loss resulting from theft or other damage to property and machinery.
Areas We Serve
Wisconsin law allows private insurance companies to offer WC to private companies. Cordova Insurance Agency provides the necessary coverage to Wisconsin-based businesses and companies doing business in Wisconsin. We are located in Merrill, Wisconsin. We help businesses throughout the area, including Wausau, Tomahawk, Minocqua, Woodruff, and surrounding areas.
We know Work Comp in Wisconsin is not at the top of every business owner’s mind. However, the law mandates it, and most businesses must continue business as usual. Our goal is to help your company find the coverage needed for your industry at a fair and reasonable cost. Our friendly agents will listen to your needs and walk you through the process of selecting coverage for your business. We do not promise the lowest premiums. However, we do promise to provide the right coverage options for your business needs.
Final Thoughts
Worker Compensation Insurance is necessary under state law. Wisconsin does allow for some exceptions to the rule. However, if you do not fit the exception, you must carry coverage. The good news is Wisconsin does not require a minimum coverage amount. Therefore, Cordova Insurance Agency can help you find the right coverage for your business needs.
To learn more about Worker Compensation Insurance, contact Cordova Insurance Agency at (715) 536-9576. Our licensed agents will be happy to answer any questions you have.
