North Carolina’s workers’ compensation system is designated to assist employees in the event of a work-related accident that results in an injury or illness. Aside from a few exceptions, every business owner who employs three or more people is required to carry insurance.
If your North Carolina business needs coverage and you don’t know where to start, we’re here to help.
Workers’ compensation law treats nearly all employees the same – full-time, part-time, seasonal and family, and all workers count as a full employee toward North Carolina’s workers’ compensation threshold of three.
While coverage is based on number of employees, premium is based on total payroll, and we wrote an entire blog post on how to calculate cost based on your payroll.
One of the differing factors pertaining to workers’ compensation in each state is where it can be purchased. Your primarily options for purchasing a policy in NC include:
When you’ve found a reputable insurer, request a quote, review your policy and bind. Keep in mind that coverage cannot be put into place until payment has been submitted to the insurer, so don’t wait until the last minute.
Free market coverage will offer discounts in order to gain your business. Discounts will change according to each provider, but common options are:
Related Read: 12 Ways to Save Money on Small Business Insurance
Even in safe workplaces, injuries can happen. In the event of a claim, the employer must complete a Form 19 through the North Carolina Industrial Commission. Your employee will be required to complete a Form 18. Both forms must be filled out and submitted to their insurer within five days of the injury. Make several copies of each form to have on file.
After the insurer submits the forms to the Commission, the additional steps to be taken will be dependent on the type of injury that occurred. Your insurer and the Commission will guide you through how to proceed.
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