Workers Comp
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Workers’ compensation in Nevada - Pie Insurance

Workers’ compensation in Nevada - Pie Insurance

Nevada workers’ comp 101

Understanding your workers’ compensation responsibilities as a Nevada small business owner

There are approximately 270,000 small businesses in Nevada, according to a report conducted by the U.S. Small business Administration. While it may seem like a high number, the truth is that there are plenty of opportunities for new entrepreneurs to enter the market.

If you’re considering starting a small business, you’ll want to ensure you have the information to help you succeed. Thinking through who your potential customers will be and how you’ll market to them are important steps in creating a thriving company.

Another crucial element of starting a business is having the right small business insurance to protect yourself and your business interest. While most business owner’s policies will include coverages like liability and property insurance, you’ll often need to purchase other essential insurance products like workers’ comp separately.

If you haven’t run a company before or this is your first time employing a team, it can be easy to feel overwhelmed by workers’ compensation insurance, which is why we created the following guide.

Below is a list of 10 most important workers’ comp facts every Nevada small business owner should know.

10 workers’ comp facts every Nevada entrepreneur should know

  • Workers’ compensation protects businesses by covering the financial burden associated with the medical cost and disability benefits that may result from a workplace injury
  • Employees injured at work could be eligible for the following benefits under Nevada’s workers’ compensation program:
    • Permanent total and partial disability
    • Medical expenses, including hospital fees and medication
    • Vocational rehabilitation
    • Death and funeral benefits
  • Any team member who suffers a workplace injury has seven days from the date of the accident to complete a Notice of Injury or Occupational Disease — Incident Report and submit it to their employer
  • Business owners are required to file and maintain any incident reports provided by injured workers for a minimum of three years
  • The state of Nevada could deny workers’ compensation claims if the injured worker were under the influence of drugs or alcohol
  • Injured employees may receive wage supplement payments of up to two-thirds of their weekly pay
  • Sole proprietors and partners aren’t required to have workers’ compensation insurance unless they hire additional staff
  • The Nevada Department of Industrial Relations is responsible for reviewing workers’ compensation claims filed by an injured employee
  • Nevada small business owners who don’t carry the appropriate workers’ comp insurance could face penalties including fines up to $15,000 and having business operations suspended until it obtains the appropriate coverage
  • Workers’ comp insurance typically covers workplace injuries resulting from any of the following incidents:

Remember, every situation is different and state workers’ compensation laws are subject to change, so be sure to do your research and speak with a trusted advisor.

Thanks for reading! Please note that this content is intended for educational purposes only. As laws change regularly, you should refer to your state legislation and/or an advisor for specific legal counsel. If you’re a small business owner, learn more about workers’ compensation insurance or check your current rate in 3 minutes.