In Indiana, the workers' compensation insurance system is administered by the Worker's Compensation Board of Indiana. Statutes by which the program is run are similar to those in other jurisdictions throughout the nation, although with some variation in details of coverage requirements.
For example, Indiana requires an employer to carry workers compensation insurance if there is even one employee. No numerical exceptions are permitted. Even one part time employee who works on a regular basis is guaranteed coverage by Indiana workers compensation statutes.
The Worker's Compensation Board of Indiana has the responsibility of ensuring compliance with the law even with new employers in the state. Employers have the responsibility of contacting approved private insurance carriers in order to get competitive quotes for the acquisition of workers compensation insurance. Self insurance is another option, but largely limited to large businesses who must be approved by the Board and must post a sizable security deposit in order to guarantee the ability to pay benefits to workers injured or ill due to job related activities. If the option of self insurance is selected by the employer, the claims can be administered by the employer or can be contracted to a approved third party administrator. Another option to obtain workers compensation insurance coverage is to use the Indiana Worker's Compensation Assigned Risk Pool. This option is for employers who are unable to locate insurance coverage through the standard market.
Employers in Indiana have one of the least expensive rates for workers compensation in the nation. Only the state of North Dakota with a workers compensation rate of $1.08 is lower. In 2004, the State premium rate was listed as $1.24. California had the highest premium with $6.08.
For any specific employer, premium rates are calculated based on as many as nine factors. These include the classification rate, experience rate, premium discounts, schedule rate, retrospective rating, large deductibles, dividends, coinsurance and deductibles. These factors constitute the components of the pricing system for workers compensation. Of the components, both the classification rate and the experience rate on larger employers are required in Indiana. The balance of the components are optional and vary from insurance company to insurance company.
The best way to reduce the premium rate for workers compensation insurance is to maintain a safe job site and be actively involved in a mentality amongst employees and management to eliminate accidents and the potential for accidents. If an accident should occur in the workplace, the employer needs to maintain close contact to ensure that all possible is done to assure good medical treatment and speedy recovery. Prompt reporting of claims, good medical care chosen by the employer, encourage the prompt return to work and maintain the respectful treatment of the injured worker all help to reduce costs associated with an injury or occupational illness.
Injury and job related illness statistics both in Indiana and nationally continue to drop. Work sites are getting safer, even when there are more workers in a particular state. This is in part due to cost containment measures but also is related to focusing on safety measures.
Employers are not allowed to force workers to pay for workers compensation insurance. The benefits are solely to be borne by the employer. Further, the employer who does not provide workers compensation insurance can be held responsible for a Class A infraction. Injuries sustained by an employee when the employer has not provided workers compensation insurance can be assessed at double compensation, medical expenses and reasonable fees for legal expenses. The employer may be precluded from conducting further business in Indiana until appropriate workers compensation coverage is obtained.
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