With some few exceptions, if you are an employer, you are required by law to carry workers compensation insurance in North Carolina, to protect your employees should they be injured on the job. In North Carolina, three or more employees trigger this obligation, regardless of whether they are employed full-time or part-time; in South Carolina, the threshold is four or more employees.
Most employers do whatever they can to provide a safe workplace for their employees, but despite best efforts, injuries can and do occur. If one of your employees should be injured while on the job or develop a work-related illness, workers compensation would provide payment for medical care as well as temporary wage replacement to help the worker recover and return to the job.
In North Carolina, workers compensation has been in place as a protection for both employers and their employees for more than a century. Prior to its existence, the only recourse an injured employee had was to sue an employer for damages – this was unsatisfactory for the worker and sometimes ruinous for the employer. Workers compensation was instituted as a no-fault form of insurance – you the employer are protected from lawsuits because workers compensation becomes the “exclusive remedy” for any work injuries; in exchange, your employees get medical care and financial help for their recovery without having to sue.
Every state administers its own workers compensation system, so laws vary. If you employ people in multiple states, you must comply with the law in that state. Each state has different employer reporting requirements, employee benefit levels, waiting periods until benefits apply, and duration of benefits. In North Carolina and South Carolina, the employer has the choice of physician, but in other states, that may not be the case.
It can get confusing, but at Spivey Insurance Group, we are experts in North Carolina workers compensation insurance. We can we help you find the right insurance policy for your business from among our more than 30 insurance companies. The choice of insurer can be significant because many offer industry-specific loss control and risk management services that can be particularly helpful to high-risk businesses. In North Carolina, workers compensation is an experience-rated coverage, so it is in your best interests to maintain a safe workplace and control losses to keep the cost of coverage down. Your agent here at Spivey Insurance Group can also help you to understand and comply with your prevailing state law.
At Spivey Insurance, there’s nothing we are more passionate about than working with local businesses. The trust of our neighbors means everything to us. It’s the foundation on which we’ve built and grown our business over the years. We live by our honesty, our integrity and our expertise because we’re working hand-in- hand with you in our community every day. We’d love to talk with you about the ways we can help you safeguard your business with workers compensation coverage. We’re happy to look over your existing policies and give you our analysis as to whether your business is adequately covered or has exposures through gaps that could be easily addressed.
Drop us a note or ask for a quote. Better yet, give us a call 704-821-4460 or stop by our office.