In Kentucky, all employers are required by law to carry workers’ compensation insurance. Exceptions are made for certain farm and domestic servants, residential maintenance and repair workers, and employees who are covered under federal laws. It is also not necessary to cover sole proprietors, partners, or LLC members, though you can if you want to. Workers’ compensation insurance is designed to cover the costs associated with workplace injuries and occupational illnesses. It can be purchased through a commercial provider or through the Kentucky Employers’ Mutual Insurance fund.
The good news is that in Kentucky, rates for workers’ compensation insurance are about 18% lower than the national average. Your price for coverage will be based mainly on the types of jobs your employees do and your company’s overall payroll. Every job is assigned a base rate by the Kentucky Department of Workers’ Claims according to how likely it is that workers in that job will suffer a serious injury. With a solid history of worker safety, your business can be rewarded with policy discounts of up to 25%. Some insurance companies are better equipped to meet the needs of businesses in certain industries than others, so it is advantageous to compare a few policies and quotes before making a purchase.
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In Kentucky, employers are required by law to report any workplace injuries and work-related illnesses, regardless of their severity. Workers’ compensation insurance helps to prevent these injuries from causing large financial losses for employees, while protecting employers from potential liability lawsuits. You can expect your Kentucky workers’ compensation policy to cover the following:
Workers’ compensation claims may be denied for a number of reasons, such as if it is determined that the injury occurred outside of working hours, was intentionally self-inflicted, or was caused by employee drug or alcohol use. Employees and employers can file an appeal by contacting the Kentucky Department of Workers’ Claims, which will schedule a Benefit Review Conference. If an agreement cannot be reached at the conference, your case will be assigned a hearing date with an Administrative Law Judge.
There are currently 331 independent insurance agencies in Kentucky that are ready to help you find the best workers’ compensation insurance policy to cover your business. Your agent can contact several different insurance providers on your behalf to help you find a competitively priced policy that is well-suited to your particular company. Talk to an agent near you to start comparing customized workers’ compensation insurance quotes.