As a small business owner in Kentucky, the safety of your employees at work should be at the top of your priorities. As such, it is imperative that you try to familiarize yourself with one of the most important legal protections for your employees, which is workers’ compensation insurance, also known as workman’s comp.
This article aims to provide an overview of what small business owners in Kentucky need to know about the laws and regulations governing workman’s comp in the state.
We will cover the basics of the law, which is required to carry a workman’s comp in Kentucky, and the benefits available to injured employees.
With this information, small business owners in Kentucky can ensure that their employees are protected and in compliance with the law.
What Is Workman’s Compensation?
Workman’s compensation is an insurance program to benefit injured workers and their families. The program helps cover medical expenses, lost wages, job retraining, and even death benefits in the event of a worker’s death due to an occupational illness or injury. The coverage is typically provided through an employer-paid insurance policy that covers most work-related illnesses and injuries, regardless of who was at fault.
Who Is Required to Have It in Kentucky?
In Kentucky, employers must have workers’ compensation coverage if they employ one or more employees. This includes both full-time and part-time employees and any subcontractors or leased employees. Employers must also carry coverage for independent contractors working for them if they meet specific criteria set out by the Kentucky Workers’ Compensation Board.
What Does It Cover?
In general, workers’ compensation in Kentucky covers medical costs related to an employee’s occupational illness or injury. This includes hospital stays, medications, prosthetic devices, treatments, physical therapy, doctor visits, and more.
It also covers a portion of lost wages from time away from work while the employee recovers from their injury or illness. It provides survivor benefits to an employee’s family who dies from a work-related injury or illness.
How Much Does Workman’s Comp Cost In Kentucky?
Workers’ compensation coverage costs an average of $0.97 per $100 in covered payroll. If your total annual payroll for the year is $500,000, you would need to pay about $4,850 in premiums for workers’ compensation insurance.
However, additional fees may be associated with setting up the plan, depending on your insurer, such as filing and administrative costs. In addition to these fixed costs, employers are also responsible for covering legal costs associated with disputes that may arise over claims filed under the plan.
Businesses may also face penalties if they fail to comply with all applicable regulations regarding workers’ compensation. Knowing these costs will help you budget accordingly and ensure that your business complies with state law.
How Do I Get Started With Workman’s Comp In Kentucky?
Getting started with workers’ compensation in Kentucky is relatively simple.
You should contact a reputable insurance provider to obtain a quote and discuss the details of the policy. Ask questions and read the fine print to ensure that the policy meets your needs.
Once you’ve chosen a policy, your provider will file the necessary paperwork with the Kentucky Workers’ Compensation Board. You’ll need to keep track of payroll information and follow any instructions given by your provider.
Finally, once everything is set up, you’ll be able to offer workers’ compensation benefits to your employees, providing them with peace of mind knowing that they are protected in case of an injury or illness caused by their job.
What Should an Employee Do If They Get Injured?
If an employee gets injured while performing their job duties, they should seek immediate medical attention and report the incident to their employer as soon as possible. Under Kentucky law, employers must provide forms for reporting work-related injuries and submit them to the appropriate Workers’ Compensation board within three days of receiving notice of the injury.
Employees must complete the remaining paperwork within 30 days to process their claims. Depending on the severity of the injury, employees may also be eligible for disability payments until they can return to work.
In addition to completing the appropriate paperwork, injured employees should keep detailed records of all medical bills, correspondence with their employer, and other documents relating to their claims.
This information can help expedite the process and ensure they receive the maximum compensation they are entitled to.
As a small business owner in Kentucky, understanding the laws, benefits, and requirements associated with workman’s comp is critical to maintaining a successful business and keeping your employees safe, healthy, and secure.
With the proper coverage, you can ensure that your employees are adequately taken care of in the event of any workplace-related injury or illness.
Additionally, you can reduce any potential liability for your business by complying with the regulations set out by the state of Kentucky.