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Buying Workers’ Compensation Insurance in Mississippi – Facts You Should Know
The two most important reasons you should have workers’ compensation insurance for your Mississippi business are:
a) It protects your enterprise from severe losses in the event of an injury at your workplace.
b) It shows your employees that you truly care and are willing to invest towards their safety and wellness.
The serious citations issued against Koch Foods with proposed penalties of $88,632, is the most recent example of the huge risk an employer faces every day. According to a WorkersCompensation.com report, the U.S. Department of Labor’s Occupational Safety and Health Administration (OSHA) took Koch Foods to task after two workers were injured on the job. Eugene Stewart, OSHA’s area director in Jackson, MS was clear that, “It is the employer’s responsibility to protect employees in the workplace.”
OSHA investigations were prompted by reports of worker injuries in March and April 2016. While Koch Foods was found to be negligent, accidents at work are not uncommon even when safety procedures are followed. Resultant law suits and penalties could force a complete shutdown. Workers’ compensation helps to cover the cost of employee treatment and protect the enterprise that you have worked hard to build.
What is Workers’ Compensation?
The Workers’ Compensation Law was enacted by the Legislature in 1948 to guarantee the payment of certain medical and wage loss benefits to individuals that were injured on their job. An employer covered by this law must either purchase workers’ compensation insurance from an insurance company, or be approved by the Worker’s Compensation Commission to self-insure.
Here are important facts you need to know.
- Who is covered by the law: An employer with 5 regular employees must provide workers’ compensation. Those with less than 5 workers may provide voluntary coverage.
- What is covered: Any injury (however slight) arising out of the scope of the job, including occupational illnesses that are job-related as well as work-related deaths.
- What benefits are provided: Medical and wage loss benefits
- When does coverage begin: As soon as an individual starts work. There is no waiting period or minimum wage requirement.
- Who is exempt: In Mississippi, you are excluded from coverage if you are a sole proprietor, partner or member of an LLC, an employee that owns 15% or more stock or are a corporate officer, but have the option to include yourself.
- How does this help employers: Workers’ compensation is typically offered in exchange for mandatory relinquishment of the employee’s right to sue his or her employer for negligence.
Buy Workers’ Compensation Insurance in Mississippi Today
Once an attorney gets involved, the process of managing a workers’ compensation claim can get even more time-consuming and expensive. Experienced brokers at The Nowell Agency can access your risk and help you identify and purchase the coverage you need at economical rates. Business owners in Mississippi count on us to optimize the returns on their insurance dollars. Meet with one of our friendly, knowledgeable brokers today to discuss your workers’ compensation insurance options.
Request a quote for workers’ compensation insurance in Mississippi or call 888-434-9571 to schedule a meeting with a knowledgeable and experienced broker at The Nowell Agency.