When running your business in North and/or South Carolina, workers compensation insurance can protect you and your employees against issues involving illness or injury at the workplace. A workers compensation plan can provide your employees with medical expense coverage’s, lost income/wages, rehabilitation costs, death benefits..etc. You will need to work with a licensed insurance agent and also need to know what is required by law based upon your business entity ( i.e. sole prop, llc, inc etc). As an insurance product, Workers Compensation in NC or SC is purchased as a standalone policy. The availability of obtaining this insurance is through:
Contacting a licensed insurance agent.
NC RATE BUREAU – our agency can help you with this process.
Through the states’ Department of Insurance.
Through the Dept of Insurance.
Rates are based upon class code (industry type) on a percentage basis. This is applied to per one hundred dollars of payroll. Other factors affecting rates include experience modification (years paying WC) and claim loss history.
Penalties – refer to NC/SC Workers Compensation Act.
At the Hoffman Insurance Agency we will explore all insurance markets and provide the best consultation to ensure you have the best program in place.