How Workers Compensation Insurance Works In Idaho

By understanding how this type of insurance works, you can choose the best coverage for your business. If you are working in more than one state, you may need separate policies to cover the other states. But most policies will cover multiple states.

In Idaho, you can choose from a private insurance company. To find out the right coverage for your business, contact an independent insurance agent.

The worker's compensation insurance is a no-fault system that covers costs associated with specific workplace accidents and illnesses that occur over time. 

They cover medical and rehabilitation expenses for workers suffering from injuries sustained at work. In Idaho, this system is different from many other states. If you are injured at work, you must report it within 60 days. However, if you get sick at home or have an injury that requires extended recovery, you may be entitled to a lump-sum payment.

Main Benefits Of Workers' Compensation Insurance

• Medical cost. The cost of all medical and healthcare of employees—from emergency treatment to physical rehabilitation.
• Lost wages. While your employee recovers from the injuries, your coverage can take cover those lost wages.
• Temporary and permanent benefits. If your employee obtained serious injuries that lead to temporary or permanent disability, your insurance can step in.
• Lawsuit. Lawsuit over the injuries of your employees can cover with your policy such as fines and legal settlements.

Who Must Have It

Having this coverage is a mandatory legal requirement for any business in Idaho. for employers. They pay for medical expenses and lost wages of employees who suffer work-related injuries. It also protects employers from defending lawsuits over the injuries and illnesses of their employees. Auto repair shops, restaurants, hotels, real estate agencies, and construction companies are some of the leading small businesses that purchase a policy. It is a misdemeanor under Idaho law to operate a business without this coverage. However, it is a smart business decision to protect yourself.

If you don't have them, you could be subject to back-charged premiums, fines, and lawsuits from injured employees. By hiring an agent or broker, you can learn about the specific requirements for your business. In addition to finding a trusted provider that specializes in this type of insurance, you will have a better understanding of how this works.

If your provider denies you benefits, you can file for a formal hearing. You will need to submit a complaint form and a request for calendaring to the Industrial Commission. You may wish to hire an attorney. You must present evidence to prove your claim. This evidence may include wage stubs for accurate average weekly wages, expert testimony regarding a disability diagnosis, or testimony from fellow workers.

Your premium for coverage depends on several factors. Your estimated payroll, class codes, and experience all influence the amount of premium you'll pay. It's also important to recalculate premiums if your payroll increases. You can also add expenses like terrorism, catastrophes, and state surcharges. Every state has different laws that govern this type of insurance, and the laws vary by state. You can check your state's requirements before purchasing a policy or visit our blog about Workers Compensation Insurance Basics.