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Workers Compensation Insurance in Vermont

Workers’ compensation is a form of employer insurance coverage that pays benefits to workers who are injured or become disabled as a result of their job.
Businesses with employees and that don’t have employees but do have owners who are heavily involved in day-to-day operations might also benefit from getting a workers compensation policy.
• Statutory liability
• Medical Coverage

What is Workers Compensation Insurance?

When employees suffer from work-related injuries or illnesses, their employers are often held responsible for any medical bills and/or lost wages that are a result of the injury or illness. Workers compensation insurance policies help Vermont businesses mitigate potential expenses like these.

Although it’s purchased by businesses, workers compensation insurance has benefits for both employees and employers. Employees get the reassurance that they’ll be reimbursed for covered expenses should they suffer a work-related injury or illness. Employers don’t have to worry about paying employees for covered expenses if a legitimate claim is filed.

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Does Workers Comp Cover All Employees?

Workers comp normally covers employees regardless of whether their full- or part-time, and irrespective of how long they’ve worked for an employer. Employees are typically workers who receive a W-2 form for their annual income taxes.

Because workers comp generally only covers work-related injuries, employees who are injured on company property but not working might not be covered by workers comp.

As an example, consider a retail employee who goes shopping at the store where they work. If the employee falls and fractures a bone while shopping and not on the clock, workers comp might not apply since the injury didn’t occur when the employee was working. Instead, general liability insurance or another coverage might offer protection.

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Do Vermont Businesses That Don’t Have Employees Need Workers Compensation?

While businesses in Vermont are generally required to provide workers compensation coverage for their employees, businesses with employees aren’t the only ones who may want to purchase this form of insurance.

Businesses that don’t have employees but do have owners who are heavily involved in day-to-day operations might also benefit from getting a workers compensation policy. Since health insurance frequently excludes work-related injuries from its protections, business owners might need workers compensation in case they’re hurt while working.

Do Businesses in Low-Risk Industries Need Workers Compensation?

Businesses are normally required to carry workers compensation regardless of how dangerous or safe their industry is. Some businesses may be in low-risk industries, but these industries usually aren't completely free of risk.

Is Workers Compensation Coverage Expensive?

How much workers compensation costs depends on the industry that a business is in and many other factors. Some of the other items that might influence a policy’s premiums are:

  • How many employees a business has
  • How much a business’ employees are paid
  • Whether a business has previously filed workers compensation claims

Premiums are usually affordable even though they can vary, and they almost certainly cost less than the potential fines and lawsuits that could come if a business doesn't purchase coverage when coverage is needed. 

Can Employees Who File Workers Compensation Claims Also Sue Their Employer?

Simply having workers compensation coverage normally doesn’t preclude employees from filing lawsuits if they suffer injuries or illnesses while on the job. Employees who file workers compensation claims, however, typically do waive their right to sue when they file the claim.

The vast majority of employees who are injured or become ill elect to file a claim rather than sue because the claim-filing process tends to be faster, less stressful and more sure. Thus, workers compensation often does greatly reduce the risk that injured or ill employees file lawsuits, even if the coverage doesn't technically take away that right.

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How Can Vermont Businesses Get Workers Compensation Insurance?

For help finding workers compensation insurance that’s well-suited to your Vermont business’ needs, contact the independent and experienced insurance agents at Paige & Campbell Insurance. Our team has the expertise necessary to help you find a policy that’ll keep your business in line with all applicable coverage requirements and offers strong protection. They’ll also help you get a great rate, since they can show you policies and premiums from different insurers in the state.

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