The Indiana state law requires an employer to “insure the payment of compensation to the employer’s employees and their dependents.” Indiana allows the employer to find a work comp policy through an open insurance market. Other states may have a state-based program that an employer is required to pay into.
Rates for these insurance plans are rated based on the exposure of the job being performed. A construction worker working from large heights will be more expensive than an assistant who works at a lawyer’s office. The rate is based on risk of serious injury or disease. However, many insurance carriers provide credits or preferred pricing to companies who have a good loss history.
Workers Compensation insurance helps the victims of workplace injury. It will help cover medical expenses and lost wages. An employer owes it to his staff to have the correct coverage in place.
