Here at John Walsh Insurance, we have been helping business owners with all of their insurance needs, including Workers’ Compensation Insurance. As a business owner it is important to make sure you’re completely covered on all points, to avoid unnecessary and expensive lawsuits! If you have any questions about our insurance policies, please give us a call at 978-745-3300.
As a business owner, you do everything in your power to provide a safe work environment for your employees; unfortunately, accidents still happen.
Workers’ Compensation Insurance provides income, medical benefits, and rehabilitative services for employees, who were injured on the job or from doing work related duties. The injured employee will receive some financial compensation for medical bills, and a portion of their income that they are losing while out on leave. Workers’ comp will also help protect employers from lawsuits initiated by workers injured on the job.
In the state of Massachusetts, there are usually three different types of Workers’ Compensation Insurance:
1. Stand-alone workers’ comp
2. Workers’ comp insurance and payroll payment program
3. Workers’ comp insurance and compatible workers’ comp insurance payment program.
All employers in Massachusetts are required to carry workers’ compensation insurance, with few exceptions. Workers’ compensation insurance is designed to provide medical care and partial wage replacement, as well as to protect employers from certain lawsuits.
Workers’ compensation rates are revised annually, on October 1st, by the Commissioner of the Division of Unemployment Assistance. Maximums and minimums are set according to standards set forth in Massachusetts General Laws, c. 152, sec 1:
"Maximum weekly compensation rate", one hundred per cent of the average weekly wage in the commonwealth according to the calculation on or next prior to the date of injury by the deputy director of the division of employment and training."
"Minimum weekly compensation rate", twenty per cent of the average weekly wage in the commonwealth according to the calculation on or next prior to the date of injury by the deputy director of the division of employment and training."
On October 1, 2015 the maximum rate was set at $1,256.47 per week, and the minimum rate was set at $251.29. Currently workers’ compensation benefits run for up to 156 weeks.