Many companies carry worker’s compensation insurance. This insurance helps cover the costs of getting injured on the job. For example, the company is often liable if someone falls on the job without a wet floor sign. Workman’s compensation will cover the cost of disability if the person can no longer work, even temporarily. It can also cover medical expenses. However, the laws and regulations often vary depending on the state.
Oregon Laws
Many states require companies to offer worker compensation. However, companies in Portland, OR, can also be self-insured. According to state law, you don’t have to carry workman’s compensation insurance as long as you are self-insured and your insurance covers the same things. Self-insured businesses must work with their insurance company, like H & R Insurance Group LLC, to determine if they meet state worker compensation guidelines.
Law Exceptions
There are certain exceptions to this law. Companies are not required to carry worker’s compensation on independent contractors. Family member business owners and others who own a large portion of the company may not be eligible for worker’s compensation claims. If you hire people as independent contractors instead of employees, you are not responsible for their injuries like an employee. Working with a knowledgeable insurance agent is crucial to ensure your company complies with the law in Portland, OR.
Contact H & R Insurance Group LLC
Companies who fail to provide workman’s compensation can face fines. Businesses are still responsible for the lost wages, medical expenses, and the overall cost of injuries, even if there isn’t insurance to pay the bill. Employees can, and often do, sue the company to cover these expenses. Working with an experienced H & R Insurance Group LLC agent can ensure you comply with the law. Contact us for more information today.
