If you are in business based in Nevada and have even a single employee, you must carry workers compensation insurance. Not all states have this particular requirement (for example, in Texas it is optional to carry workers compensation coverage). In Nevada, there could actually be a fine charged against you (up to $15,000); there can also be premium penalties and a stop-work order placed on your business until you purchase insurance. Another drawback if you do not have coverage is that you would then be liable for any injuries that occurred during that lapsed period. In short, it is better to just jump in and buy the coverage!
You may be wondering, what could this coverage cost me? Unfortunately, there is no quick answer. Depending on your industry and area of work, the pricing can vary widely. A construction worker, for example, is going to be quite a bit more expensive than a secretary. The price is determined based on your annual payroll, broken down by job duties (sales, clerical, construction, road work, etc.), and these non-negotiable price points are determined by the National Council on Compensation Insurance (NCCI – ncci.com). However, companies are allowed to provide discounts and surcharges as they see fit, so it is still a good idea to look at a few different companies to make sure you’re getting the best price available.
In Nevada, there is a statute of limitations for submitting workers compensation claims, so keep that in mind if you are injured on the job or if you have an employee who is injured while working for you. According to Insureon.com,
“An injured worker is encouraged to notify the employer of the injury as soon as possible, but state law requires notice within seven days. The employee then has 90 days from the date of injury to submit a form to the state if they missed work because of the injury or illness or sought medical treatment.
If the workplace injury results in death, the survivors have one year from the worker’s death in which to file a claim.”
If you have any questions or if you want to know if your company is required to carry workers compensation coverage, please feel free to reach out to our agency.