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Most employers in Indiana are required to have workers’ compensation insurance.1 Generally, the requirement applies to all businesses with one or more employees.
Workers can find out whether an employer has workers’ comp coverage by using an online search tool provided by the Indiana Workers’ Compensation Board.2
Businesses are required to have this coverage in order to protect workers who get hurt on the job. If a work-related injury or illness occurs, workers’ compensation insurance helps pay for benefits like:
This is beneficial for the employer as well since it minimizes their financial liability when workplace injuries occur.
There are certain types of employees that are exempt from the Indiana workers’ compensation insurance requirement.3 Some of these employee groups include:
Employers may still choose to obtain workers’ comp coverage for these employees, but they are not required to according to state law.
Generally, the following types of business owners are not required to obtain workers’ compensation coverage for themselves:
Business owners who are exempt from the requirement under Indiana workers’ compensation law must get a worker’s compensation exemption certificate clearance from the Indiana Department of Revenue.4
Even if you’re not required to have coverage as a business owner, you may want to have it in case an accident does occur on the job.
For example, if you’re a wedding photographer and you fall and injure your back during a client’s reception, you’ll need a few weeks to recover. If you have workers’ comp insurance, it can help cover your medical expenses and lost wages during that time.
Some employers in the state may choose to self-insure their business for workers’ compensation benefits. This means they pay out benefits to workers directly rather than relying on an insurance policy to cover the costs when workplace accidents occur.
To become eligible for this option, an employer must have been in business for at least five years and be able to demonstrate a certain level of financial strength and liquidity. In addition, they must secure a surety bond for a minimum of $500,000.5
The fee for an initial self-insurance application is $500. Renewal fees are $250 for employers who currently hold a certificate of self-insurance.
There are a number of important employee benefits that are provided through workers’ comp. Indiana employees may receive payments to cover the following if they are injured on the job:
Injuries can happen in any line of work, which is why it’s so important for all employees to be covered by workers’ comp insurance.
For example, an office employee’s chair could break, causing them to fall backward, hit their head and sustain a concussion. Workers’ comp would help cover the costs of medical care, including emergency treatment and follow-up appointments, as well as lost income during their recovery period.
Common types of workers’ compensation income benefits in Indiana include:
An injury forces the employee to work in a limited capacity until they are recovered.
An injury has permanent effects which affect the employee’s ability to work in the same capacity.
An injury is severe enough to prevent the employee from returning to work until they are sufficiently recovered.
An injury is severe enough to permanently limit the employee’s ability to work.
If an employee dies due to a work-related injury or illness, their dependents may be eligible for death benefits covered by workers’ compensation. Indiana law states that burial expenses of up to $10,000 may also be covered.6
Employers have a few important responsibilities that extend beyond simply obtaining the required insurance for workers’ comp. Indiana employers must also:
According to Indiana workers’ compensation law, employees are covered by their employers’ workers’ comp insurance even when working out of state or in a foreign country.7
Civil penalties may be imposed for violations of Indiana workers’ compensation law, such as failing to report an injury within the required time frame or not posting a notice of insurance coverage in the workplace.8 The schedule of penalties for these violations is as follows:
The cost of your premiums for workers’ compensation insurance will be determined by the insurance carrier. Generally, the key factors which affect workers’ comp rates include:
NEXT Insurance specializes in business insurance for small businesses and self-employed workers, so we can help you get the right workers’ compensation insurance policy for your needs.
We make it easy to complete the whole process online. In fact, most customers can get a quote, review their coverage options, purchase insurance and have their certificate of insurance ready to go in about 10 minutes.
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Besides workers’ compensation insurance, you’ll need additional coverage to make sure you’re protected from all the risks you face every day. Some of the other policies you may want to add to your Indiana business insurance package include:
General liability insurance is the most common insurance for small businesses and self-employed professionals. It provides protection for common work-related accidents, like property damage and customer injuries.
Professional liability insurance protects your business against civil lawsuits and negligence claims related to professional mistakes.
You’ll need commercial auto insurance if you or your employees drive for work. If a business vehicle is involved in an accident, this insurance helps cover the related expenses.