Minnesota Workers’ Compensation Insurance
If you own a business, by law you must carry work comp insurance in Minnesota. This type of insurance covers employees who get hurt or sick on the job because of something related to their job. Minnesota workers compensation pays them for lost wages and medical bills so they won’t have to pay for something that was caused by their job and was not their fault.
Accidents can happen at any time, especially in a job where people are working with things like construction or even in a fast food position an employee can get burnt on a stove or otherwise hurt due to a work-related incident. Without proper work comp insurance MN workers need, they might not get the help they need and your company would also be faced with a huge lawsuit they may not be able to pay.
What does Minnesota Workers’ Compensation Law cover?
Businesses are required to have workers comp insurance MN employees need to cover them in case of an accident, incident or illness caused by something at their job. Employers are required by this law to make the workplace safe for their employees, as well as to pay for any injuries or illness they get due to work-related issues.
This type of insurance will also cover business in case of a lawsuit. A lawsuit is somewhat rare, but it can be brought against an employer if they are found to have caused a worker’s death or injury due to gross negligence. So having Minnesota workers compensation insurance is vital to protect you from loss.
What are the Basics of Minnesota Work Comp Insurance?
In Minnesota work comp insurance will cover most kinds of medical care that your employees may need after an accident or incident that was not their fault. This could be anything from a car accident while driving one of your work vehicles, exposure to dangerous chemicals, some types of illnesses, etc. Some of the common types of things covered by workers comp insurance MN requires are things that range from a slip and fall, the repetitive motion caused by doing same things over and over too much, overexertion, getting hurt by machinery, etc. It could be very expensive for both the worker and the job place to pay for these and other kinds of problems.
A workers comp insurance policy covers both full and part-time workers. By law, the company has to have it if they have a certain number of workers or a certain category of workers. Talk to your agent to get the precise information on what is required for your type of business for the best and most current information.
What Does work comp insurance MN Cost?
The cost for Minnesota work comp insurance depends on several factors. These include how much your payroll is, the kind of job your employee does, the number of workers you have, and your location. It also depends on if it is a large or small business, as costs could range from around two thousand to upwards of $100,000. Talk to your agent for more information.
Plus, if your business involves any sort of dangerous materials or chemicals, etc. the cost of your will likely be more expensive than something like a place where all your workers work at a desk all day.
Examples of workers compensation insurance MN 2017 Base Rates
As stated earlier, rates for Minnesota work comp insurance varies for many reasons, but it has been staying somewhat steady in price for the last couple of years. The cost can also depend on the agency you get your policy from, so it is a good idea to compare quotes from an independent insurance broker that sell workers comp insurance in MN. It is based on class codes, for example, 0042 code is for landscaping jobs and recently the rates ranged from a low of $4.72 to a high of $13.48 per employee. Your office could also be eligible for various kinds of discounts, so that’s why it is vital to compare quotes.
Experience Modifiers Can Lower Costs of Insurance Policies
When it comes to figuring out your business cost for Minnesota work comp insurance you need to find out if you qualify for experience modifiers, which could bring down the price considerably. For instance, if your business has not ever had an accident or incident your rates will be much lower than a place that the business has had a lot of accidents and incidents. The best bet is for you to keep your business location as safe as possible for your workers to both bring down your costs for insurance and to protect your people from harm.
How Can You Buy Minnesota Work Comp Insurance?
The first thing to do when getting ready to buy work comp insurance in MN for your workers is to find a reliable insurance agent. Then, you need to start getting quotes for the kind of business you have and your total picture of what kind of job the workers do, etc. as discussed earlier. Also, in some cases the state of Minnesota gives credits for some of the cost of the workers’ compensation insurance you need, so be sure to find out if your company qualifies for any of these kinds of discounts on the policy, as it can save you a lot of money.
The bottom line is that it is required by law for all businesses large or small to carry work comp insurance in Minnesota to cover their employees in case of an allowed accident or incident at work. This will cover their medical bills and lost wages, as well as protect the business from lawsuits, and without it, both could face large bills they could not afford.