Workers’ Compensation coverage is a mandatory type of business insurance that provides employees who are injured or become ill while on the job with medical coverage and income replacement. This insurance also protects companies from being sued by employees for the workplace conditions that caused the injury or illness.
Per the State of Wisconsin, any employers who meet the following conditions must have Workers Compensation insurance:
- Business usually employs three or more full-time or part-time employees – must purchase Work Comp insurance immediately.
- Business usually employs one or more full-time or part-time employees to whom they paid combined gross wages of $500 or more in any calendar quarter for work done at one or more locations in Wisconsin. Employer must purchase work comp insurance by the 10th day of the first month of the next calendar quarter. (Example: wages of $600 paid during calendar quarter of April-June, must have insurance in place by July 10.)
- Farmers who employ 6 or more workers on the same day for any 20 days during the calendar year. They must purchase insurance by the 10th day following the 20th day of employment. A calendar year is January through December. (Example: farmer employs 6 workers to assist him on several different dates throughout the year. The 20th day of having 6 workers falls on July 10, farmer must purchase Work Comp insurance by July 20th.)
- Out-of-state employers must have Workers’ Compensation insurance for Wisconsin if they have employees working in Wisconsin. The policy must be with an insurance company licensed to write in Wisconsin and endorsed to name Wisconsin as a covered state in Section 3a of your policy.
(Source: WI DWD, http://dwd.wisconsin.gov/wc/employers/covered_employers.htm)
Contact a representative from Indianhead, Dowd-Reliance, or County Line today for more information on Workers’ Compensation coverage offered in Northwestern Wisconsin.