Designed to provide employees with prompt medical treatment, financial compensation, and other benefits earned when they suffer a workplace injury or illness, workers compensation is one of the oldest forms of insurance. As a no-fault system, workers compensation allows employees to receive benefits without consideration of who is at fault for the workplace accident. In return, employees cannot sue an employer for damages sustained from the injury or illness that resulted from the accident. Chrysalis Insurance Agency has workers compensation insurance available for businesses in Portland, Eugene, Medford, and the entire state of Oregon.
What is Workers Compensation Insurance?
Coverages usually included in workers compensation insurance are:
- Vocational Rehab
- Medical Care
- Death Benefits
- Lost Income Coverage
- Compensation for Permanent Injury
Regulated on a state level, workers compensation insurance premiums, requirements, and coverage vary across states. Chrysalis Insurance Agency has expert knowledge of Oregon workers compensation laws, and will work directly with your company to understand your business and your individual needs to determine which workers compensation solution is best for you. For more information on workers compensation insurance, visit the Oregon Government’s website.
Why Do I Need Workers Compensation Insurance?
Oregon businesses that employ at least one or more employee are required by law to have workers’ compensation insurance. There are very few companies or individuals who are exempt from workers’ compensation in Oregon. If you are a sole proprietor with no employees, you are not required to carry workers’ compensation insurance. In the case of landscape and building construction, exempt partners are limited to two, unless all partners are family. In other industries, partners are exempt. If you are a private residence worker, you are exempt, excluding landscape construction or new home construction. If your total payroll is less than $500 within any 30-day period, these employees are considered “casual labor” and you are exempt from covering them. In the case of some corporate officers, if they also are on the board of directors and own at least 10% of the company’s stock, up to two officers can be exempt. Most limited liability company members are exempt, except in the landscape and building construction trades. Sole proprietors, partners, corporations, or limited liability companies working under a contract qualify as independent contractors and are exempt. Workers from out of state that are temporarily working in Oregon are exempt as well, as long as their home state policies cover them while in Oregon, their home state recognizes an Oregon employer’s Oregon coverage, and they do not use Oregon subject workers while in state.
Public contracts are now handled the same way as private contracts in respect to workers compensation requirements. Failing to carry the proper insurance is a criminal offense that may result in substantial fines and possible jail time.
Make sure you take the time and effort to understand the entirety of your workers compensation policy and your obligations as an employer. Incidents that occur in the workplace have large impact on your employees’ lives. Chrysalis Insurance Agency will not only provide you with a workers compensation insurance policy at a great price, but can help your business best understand that policy, as well as the obligations you have as an Oregon employer.
Fully evaluating your business and loss history prior to Chrysalis Insurance Agency giving you a quote for any type of business insurance takes time. We make sure to provide a quote as soon as possible, try to review your workers compensation plan several months prior to its expiration. This allows adequate time for a full review of existing coverage, as well as determining any future needs.
Get a Free Workers Compensation Insurance Quote
Chrysalis Insurance Agency offers workers’ compensation and other commercial insurance solutions to Oregon businesses throughout Portland, Eugene, and Medford. For more information on workers’ compensation insurance or to get a free quote, contact us at (855) 407-0010 or fill out the form below today!