Workers Compensation Insurance
Protect Your Business and Employees with Workers Compensation Insurance
Workers’ compensation insurance (often called “workers’ comp”) provides benefits for workers who become injured or sick as a result of their work.
The system is designed to prevent or reduce worker injuries, provide appropriate medical treatment and benefits, help injured workers recover and return to work as soon as possible, and protect employers from legal action arising from a workplace injury.
By law, most Oregon employers are required to have a workers’ comp insurance policy or be self-insured. So, if your business employs workers in Oregon, you most likely need workers’ compensation coverage.
How Does Workers Compensation Works
Workers compensation insurance provides assistance for your employees should they be injured on the job. It can provide:
- Medical treatment
- Payment for loss of time and disability & death
- Re-employment assistance
Employers pay premiums to workers’ compensation insurance companies like SAIF, and those premiums pay for most of the benefits workers receive if they are injured or suffer an occupational disease as a result of their work.
Why Work with Bancorp for Workers Compensation Insurance?
In Oregon there is one main provider of workers compensation insurance, SAIF. SAIF is an Oregon not-for-profit workers compensation insurance company. They lead one of the nation’s most successful programs with resources designed to reduce workplace injury rates, thus providing some of the lowest workers compensation rates in the nation.
SAIF partners with insurance agencies that provide other business insurance. Bancorp Insurance has been a proud partner of SAIF workers compensation insurance for over 35 years.
The main benefit for an employer, is having all of their business insurance policies in one place. So that in the event of an illness, injury or other loss you only have one phone call to make to your Bancorp Insurance agent.
How Does Workers Compensation Insurance Help my Business?
What if I Don’t Have Workers Compensation Insurance for My Employees?
In most states if you do not have workers compensation insurance you are not in compliance with the State and you could face hefty fines and penalties.
For example, if you have an employee that has an on-the-job injury or illness, you will have to pay the cost associated with the health services and rehabilitation of that employee directly. Health cost can range between $100-$100,000. If the State of Oregon finds out your employee was injured on the job and you were operating without Workers Compensation Insurance, you may be fined around $3,000 per occurrence.
How Do I Know if I Need Workers Compensation Insurance?
The state of Oregon requires most all employers to carry workers compensation insurance for their employees. An employee can be defined by the state in the following four ways:
- Do you have the right to direct or control a worker?
- How is the worker paid?
- Who supplies the tools for the job?
- Can you fire the worker with a breach of contract?
Each state has a different requirement for workers compensation insurance. This is why it’s a great idea to have your insurance coverages in one place with a Bancorp Insurance agent. So, in the event of an illness or injury or other insurance related event you only have one call to make.
What is a Workers Compensation Audit?
Similar to an annual audit of your website and other business insurance policies, it’s important to have a workers compensation audit.
When you first purchase workers compensation insurance you are asked to share an estimate of your total payroll and the primary types of work your employees do. The answers to these questions are used to evaluate your risk and determine workers compensation insurance costs. However, businesses tend to fluctuate their payroll and work scope throughout time. This fluctuation could be costing you extra money in insurance premiums or leaving your business exposed to unknown risk.
That’s why state regulators require an audit after the first year of your policy or if you cancel it. This audit will make sure you are paying the correct amount of coverage for your business.
How To Get Workers Compensation Insurance?
Our knowledgeable and licensed insurance representatives provide Oregon’s small businesses with affordable workers’ compensation insurance, as well as prompt and exceptional local service. They can answer any question you have about your policy, coverage, or billing.
We do our best to make workers’ compensation insurance easy and affordable. Our local service is just a phone call or email away.
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