Every business in Nevada with at least one employee is legally required to carry workers’ compensation insurance. Save for a few exceptions. Basically, workers’ comp compensates employees for injuries or illnesses sustained while working. This insurance effectively shields you from paying such expenses out of pocket.
In addition to stepping in case of these eventualities, it protects you from being sued by your employees for on-job injuries or illnesses.
Now that you have an idea of the benefits, here are some fundamentals about Workmans Comp Nevada that you should familiarize yourself with:
Who is Covered Under Workman Comp in Nevada?
Under Nevada state law, employers must take workers’ comp for their employees. So, who is considered an employee?
- Full-time workers
- Part-time workers
- Underage employees
- Seasonal workers
- Undocumented immigrants
- Public officers
- Board of Directors members
- Artists for hire as well as members of a band or orchestra
However, not all businesses are required to carry workers’ comp. Sole proprietorships with no workers, partnerships with only the partners working, etc., are typically exempt.
What Does Workers’ Compensation Settlement Cover?
So, you have workman’s comp in Nevada for your employees. What benefits can the coverage offer in case of an at-work injury or sickness? Workers’ comp insurance usually covers:
- The cost of medical treatment
- Lost wages from time spent away from work
- Vocational rehabilitation
- Permanent partial disability
- Permanent total disability
- Death benefits, in case the employee dies
- Other injury-related costs
However, for injuries to be eligible for settlement, they must not be from self-harm, fighting, alcohol, or drug abuse.
What Happens When You Don’t Comply?
There are consequences for failing to provide workers’ compensation insurance as a business owner in Nevada. These include:
- Administrative penalties not exceeding $15,000.
- Financial liability for all expenses incurred due to a workplace injury.
- Business closure until insurance is acquired.
- Premium penalties or forced payment for premiums missed.
- Criminal charges for claims resulting in significant bodily harm or demise.
Workers’ Comp Cost: How Is It Determined?
Like in other states, workers’ compensation costs vary across Nevada thanks to various factors unique to your business. That said, some of the factors that determine how much you need to pay for coverage include:
- Nevada laws
- Number of workers and payroll size
- The industry your business falls under
- The type of work you do
- Your workers’ comp claims history
- Location of your business
While these factors affect your premiums, you can get a better idea by comparing quotes from different private insurers. Remember, low-risk jobs, e.g., office work, and high-risk jobs, e.g., transportation or mining will be classed differently, and as such, premiums will vary.
Protect Yourself by Getting Workers’ Comp for Your Nevada Business
As a business owner in Nevada, you must carry workers’ compensation insurance, even if you have just one employee. This policy ensures that your employees are well compensated if an incident at work results in injury or illness. Besides, it helps safeguard your business from possible employee lawsuits. So, protect your business and employees by acquiring workers’ compensation insurance.