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Workers’ compensation insurance is required for most Oregon businesses that have employees, even if your employees are part-time. However, there are some exceptions to this basic requirement. But no matter how many employees you have, workers’ compensation insurance is a key layer of protection for both owners and employees in case of a workplace accident. Without coverage, your business could be on the hook for significant medical expenses and other penalties.
The Oregon Workers’ Compensation Division sets the guidelines for all businesses with employees.
The following businesses are not required to have workers’ compensation coverage:
Workers’ compensation insurance helps protect your business from being held financially responsible for injuries your employees might suffer while on the job. It also offers important coverage for business owners if they experience a workplace injury.
Not having coverage for your employees can leave you vulnerable to potential liability and out of compliance with state laws. Your Oregon workers’ compensation policy can help cover expenses related to:
There were over 3,000 workers’ compensation claims filed in Oregon in 2020, according to statistics provided by the Department of Labor. The payout for these claims has exceeded $165 million.
Injuries or illnesses can happen at any time. If your employee is installing solar panels on a roof, slips and breaks his leg, leaving him unable to work for two months, he can file a workers’ compensation claim.
Your coverage is there to help protect you in exactly this sort of scenario. Workers’ compensation insurance can help pay for your employee’s lost wages from the time he’s unable to work until he returns, as well as his medical expenses.
Oregon offers two types of settlements:
Oregon workers’ compensation settlement amounts are agreed upon either by the Oregon Workers’ Compensation Board or the insurer. The statute of limitations for workers’ compensation claims in Oregon is one year from the discovery of the illness or injury.
If an employee dies while on the job, the survivors may be eligible for death benefits through workers’ compensation. In Oregon, workers’ compensation statutes say surviving qualified family members are eligible for monthly benefits. The state also requires insurance companies to pay for depositions and funeral expenses, up to a maximum amount.
Accidents happen. No industry or company is immune. Because of that potential, many states, including Oregon, require businesses to have workers’ compensation insurance. Even if you work in a low-risk industry, the costs associated with covering the medical expenses of an injured or ill employee can pose a severe financial burden.
Workers’ compensation coverage helps to reduce those risks and provide coverage for medical expenses, up to your policy limit. From plumbers to accountants, Oregon workers’ compensation insurance can help protect your company.
If the Oregon Workers’ Compensation Division finds your company violates the rules, you may be subject to a fine. The first offense can be twice your estimated premium amount, with a minimum of $1,000. Further non-compliance can result in a penalty of $250 per day with no limit, followed by a permanent court injunction.
The cost of a workers’ compensation insurance policy depends on several factors with your business operations:
To find out how much you could pay for workers’ comp coverage, start a free online instant quote.
In addition to workers’ compensation, Oregon-based business owners often look at a few other types of insurance to further protect their companies.
General liability insurance protects your company from common mistakes or accidents, such as customer injury or property damages.
Also called errors and omissions insurance, professional liability insurance covers businesses in case of professional mistakes and accusations of negligence.
Commercial auto insurance covers your business in case of accidents, injuries, or property damage while driving for business purposes.
NEXT Insurance can help you get the right workers’ compensation coverage you need at an affordable price.
We offer a seamless and painless process that can be completed entirely online. If you have any questions, our team of licensed U.S.-based insurance advisors are ready to help.
Getting started is easy. Answer a few questions about your business; from there, you’ll be able to review coverage options and buy the policy that’s best for you.