One of the first requirements you may want to fulfill as a business owner in Oregon is getting Workers’ Compensation insurance. This coverage is typically not mandatory for every company, but the majority may need it before they can begin operating.
PolicySweet® is an insurance provider for Oregon Workers’ Compensation insurance. To help you understand what this plan entails, we’ve shared an informative guide that dives into the particulars specific to the state. That way, you can know what to do if you’re planning to hire employees for your company. Keep reading to learn more or contact us to get a quote.
What Is Workers’ Compensation Insurance?
Accidents can happen in the workplace even when you strictly follow safety standards and set up precautionary measures. These incidents can cause injuries to workers while they’re performing their roles. Due to workplace injuries, employees can file a claim to get compensation for their suffering.
Getting sued for a workplace accident is a costly matter. That’s where Workers’ Compensation coverage can come in. This coverage helps act as a safety net that can take care of injury claims. Thanks to Workers’ Compensation insurance, you may not have to pay huge sums for workers’ injuries out of pocket.
Oregon Workers’ Compensation Insurance: What Makes It Different?
Workers’ Compensation guidelines, laws, and requirements differ from state to state across the U.S. There are a few unique characteristics of Oregon that you should take note of, especially if you’re not familiar with the state requirements.
- Most employers with one or more employees need to get coverage. This requirement is monitored by the Oregon Workers’ Compensation Division, the state’s authority surrounding Workers’ Compensation.
- Where to buy a Workers’ Compensation insurance plan: In Oregon, you can purchase from commercial carriers or the state-administered fund. Companies are also allowed to self-insure, but they must pass certain requirements outlined by the Oregon Workers’ Compensation Division.
- Penalties: If Oregon’s Workers’ Compensation Division determines that you don’t have Workers’ Compensation insurance, then they can send you an order outlining your offense and your fines. The amount can equal twice the insurance premium you should’ve purchased, with a minimum of $1,000. If you continue to deny insurance to your employees, you can be fined up to $250 each additional day after the order was sent.
- Exemptions: Some businesses may not be required to get insurance. This can apply to some contractors as well as family-owned companies.
Coverage of Workers’ Compensation Insurance
Much like other states, Oregon Workers’ Compensation insurance can cover the expenses and damages that a worker suffers because of an accident or hazardous working conditions.
Medical Bills
When a worker is injured on the job, they may need medical services and be required to stay in a hospital. The insurance plan can cover the expenses incurred, such as tests, hospital stays, medical treatments, and doctor’s fees.
Vocational Assistance
Vocational assistance is an umbrella term for services the insurer provides to help an employee overcome limitations that can prevent them from returning to work. These can include training, guidance, placement, and counseling. Included in these services are compensation for training material and tuition as the worker trains for a chosen vocation.
Ongoing Care
After suffering an injury, a worker may need to receive ongoing treatment, so they recover. These services can be costly, but the insurance plan can provide compensation for the expenses.
Missed Wages
Workers may not be able to report for work while at the hospital or recovering from their injuries. As a result, the employee may not be able to earn income to support their family. They can file a claim for missed wages, and the insurance can help cover their lost wages.
What Does Oregon Workers’ Compensation Insurance Not Cover?
Workers’ Compensation policies do not cover every type of injury. Pain and suffering, a type of noneconomic damage, is one example of these instances. Injuries resulting from certain scenarios may also not be covered by Workers’ Compensation, such as:
- If the worker was injured while under the influence of controlled substances
- If the worker intentionally injured themselves
- If the worker’s injury resulted from them willfully ignoring or failing to follow company safety policies
- If the injury happened off-site or outside of a worker’s work hours
- If the worker got injured because of violence they incited
Request a Quote for Your Insurance Plan
If you’re considering starting a business in the state of Oregon, then you may first want to understand the requirements you need to help accomplish this. Workers’ Compensation insurance is one of the most important, and you may need to get coverage before you begin operations.
PolicySweet can help you get a policy for your business. We’ve helped many companies across multiple industries, including:
We follow a systematic process to help you select a policy that suits your needs. In addition, we’ll provide a no-obligation quote to help you with decision-making. Ready to purchase a comprehensive Workers’ Compensation policy for your company? Contact us now!
Please Note: State-specific information is subject to change at any time. Always consult with your state’s official information and resources for the most accurate information.