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Workers' Compensation in Indiana | Pie Insurance

Typically, if your small business has employees, you will be required by the state of Indiana to obtain workers’ compensation insurance. Here are a few of the most important things you should know about the coverage as the owner.
Workers' Compensation in Indiana | Pie Insurance

Indiana workers’ comp 101

How does workers’ compensation affect your Indiana small business?

If you are thinking about taking a leap of faith and opening your own small business, there’s a long list of things to think about. Things like where you will sell your products or services, how you will find customers, and when you plan on hiring employees are all critical questions to ask yourself.

Another important element of running a successful business to consider is having the appropriate small business insurance.

business owner’s policy is often the best place to start as it offers both liability and property insurance for your small business. The one thing it won’t include is workers’ compensation insurance, which, if you have employees, is required to operate in the state of Indiana.

Indiana workers’ compensation insurance will cover employees who suffer a work-related injury or illness. It also helps protect the company financially from paying medical expenses and benefits out-of-pocket.

Here are 10 other important facts about workers’ comp insurance that you will need to know as a small business owner in Indiana.

10 important facts to know about workers’ comp in Indiana

  1. Workers’ compensation rules and regulations are maintained and changed by the Indiana Workers’ Compensation Board.
  2. Unless you meet the state exemption list, all Indiana businesses must maintain an active workers’ compensation policy for their employees.
  3. The following exemptions are the only type of employees who aren’t required to have coverage under workers’ comp insurance:
    • Corporate officers
    • Licensed real estate agents
    • Single-member LLCs and sole proprietors
    • Independent contractors
  4. Employers must file a First Report of Injury Form with the Indiana Workers’ Compensation Board within seven days of the accident or illness occurring.
  5. Injured employees or their beneficiaries can receive one or more of the following workers’ compensation benefits:
    • Permanent partial impairment
    • Permanent total disability
    • Coverage for medical expenses, including medication, hospital visits, and rehabilitation
    • Temporary partial or total disability
    • Death benefits
  6. To receive benefits, employees must notify the employer within 30 days of the accident occurring.
  7. Employees have the right to dispute a workers’ comp claim by filing an Application for Adjustment of Claim.
  8. The Indiana Workers’ Compensation Board offers wage replacement up to 66 ⅔ percent for injured employees.
  9. All employers are required to place a workers’ compensation form in a convenient place for employees to see that provides the name, address, and telephone number of the company’s workers’ comp provider.
  10. Employers are not allowed to fire an employee for filing a workers’ compensation claim or due to their disability.

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.