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While Nevada is known for taking a lighter touch than other states with regulating businesses, it still requires almost every private employer to have and maintain workers’ comp insurance.
If you or an employee is injured on the job, a workers’ comp policy generally can help pay for:
Even if you don’t have coverage and you work as a sole proprietor, clients might request proof of coverage before signing a contract to work with you, so it’s good to be prepared.
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There are very few exemptions for Nevada workers’ comp requirements. They usually involve temporary or short-term work, including:
When you purchase a workers’ comp policy in Nevada, your employees will be covered for work-related injuries by what the insurance industry calls a “no-fault policy.” This means they get the protection provided by the coverage and you, as a business owner, are also protected.
Employers are especially protected in Nevada because employees can not claim additional damages if they were properly covered at the time of the workplace injury. This is known by another industry term called “exclusive remedy.”
For example, you own a mechanical business fixing slot machines. One of your employees breaks his finger while working on a machine. He goes to the emergency room, where he receives medical attention including x-rays and casting.
Workers’ compensation would help pay for emergency treatment expenses up to the policy limit.
In Nevada, the workers’ compensation requirements provide benefits, such as:
Workers’ compensation benefits in Nevada generally include four areas that can help cover loss of income after a workplace injury. The maximum annual amount is determined by the average monthly wage set by the state government.
Temporary total disability, which is paid out to workers who need to take more than five days off due to a work-related injury. The benefits will be up to two-thirds of their average monthly wage, but will be capped at a maximum amount that is calculated annually.
Temporary partial disability can cover employees who are able to work, but must do so in a lesser capacity due to injury, and their wages are affected. The benefits are calculated by the difference between your post-injury wages and what would be your temporary total disability rate.
Permanent partial disability is assessed when the injured worker can work but will have permanent limitations. The employee is given an impairment rating based on the American Medical Association’s Guides to the Evaluation of Permanent Impairment. Monthly compensation is based on their monthly salary until the age of 70.
Permanent total disability means the injured person can no longer work. Payments will be made up to two-thirds of their monthly salary and made for life.
In the unfortunate event of an employee’s death, their spouse, children or other dependents can receive death benefits and funeral expenses. A worker’s family members can receive up to $10,000 in funeral and burial expenses.
Because the risk of on-the-job injury is greater for certain industries, workers’ comp costs vary across professions.
Factors that influence price include:
Next insurance offers workers’ compensation insurance that is customized to meet the needs of thousands of different types of businesses in Nevada.
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Workers’ comp provides you and your employees with important protections, but you might still need to include additional coverage in your Nevada business insurance package to make sure you are protected from the business risks you face every day.
Most Nevada businesses also consider these options:
General liability insurance protects your business from common mistakes or accidents that can occur in your industry, such as customer injury or damages to someone’s property.
Professional liability insurance provides financial protection against claims of professional mistakes and negligence.
In Nevada, all business-owned vehicles must be covered by commercial auto insurance. If you’re using your personal vehicle for work-related purposes, commercial auto insurance also protects your business from unexpected expenses if you are involved in an accident.