Soolking.shop – Workers Compensation Other States Coverage. Workers’ compensation is an essential part of social insurance. If you are injured on the job and can no longer work, you can have a steady income thanks to workers comp. However, because it is not a federal program, workers’ compensation insurance costs depend on the state.
We obtained the data for our visualization from the National Academy of Social Insurance (NASI) for 2017, the most recent year for which complete figures were available. Proper credit to Fit Small Business for writing the original article that brought it to our attention. We’ve broken down the numbers into a spiral bar chart with a color-coded division that highlights each 50-cent increase in cost per unit. $100 in salary. This makes it easy to see which states carry the heaviest and lightest burdens for paying workers’ compensation.
Workers Compensation Other States Coverage
Read the full report from NASI for a detailed description of the research methodology, but there are a few things to highlight in our review before we dive into the details. Workers’ compensation is for people who are injured on the job. It is an insurance program administered by individual states that covers specific types of workers. NASI figures include only employers who are legally required to offer workers’ compensation benefits. Some companies may offer benefits without a legal requirement, but many workers have coverage. The researchers also only focus on workers’ compensation through formal reporting channels, meaning they don’t account for all the ways a company can support an injured worker. Finally, workers’ compensation is organized on a state-by-state basis. There are no uniform federal requirements across the country.
Best Workers Compensation Insurance
Alaska clearly stands head and shoulders above the rest of the states as the most expensive. It costs businesses a whopping $2.27 per $100 salary just to cover insurance premiums if someone gets hurt. That’s probably mostly due to the dominance of heavy extraction industries in Alaska and how far people are from major hospitals. The only other state that costs more than two dollars is Montana, where it costs employers $2.01, probably for the same reasons as Alaska. But why is California so expensive? Part of the reason has to do with California’s short-term disability laws for non-work-related injuries as well as pregnancy complications. According to NASI, other high-ranking states have similar programs, including Hawaii, New York, New Jersey and Rhode Island.
At the other end, Texas is the second cheapest in the country at $0.54, behind Washington, DC at $0.51. That’s because companies aren’t required to offer it unless they want to, which means companies offer workers’ compensation as a cover, especially when the insurance plans are affordable. Wyoming also limits workers’ compensation to only employees in “high-risk” occupations, potentially increasing the cost of insurance and placing the state fifth on the most expensive list at $1.70.
Maintaining your ability to earn an income is an important part of financial security. If you are not covered for workers’ compensation, consider purchasing disability insurance. See our guide to disability insurance costs for more information, or if you’re self-employed, see our guide to workers’ compensation costs.
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Alternate Employer Endorsement: What It Means, How It Works
If you want to use our findings in books, magazines, reports, educational materials, etc., we can grant a license document that gives non-exclusive rights to reproduce, store, publish and distribute. Workers’ compensation insurance is an important coverage required by all businesses that have employees to protect them from work-related injuries or illnesses. Learn more about California workers’ compensation insurance, how to get coverage, and whether you need workers’ compensation insurance for your business.
