In North Carolina, all businesses with at least three employees are required to carry workers' compensation insurance. Agricultural employers must carry this coverage only if they employ ten or more non-seasonal workers. Workers' compensation insurance is designed to cover the costs associated with injuries and illnesses that your employees may suffer in the course of doing their jobs.
In North Carolina, the cost of workers' compensation insurance is only slightly higher than the national average rate. Costs are based on the number of employees you have, the types of jobs they do, and your company’s overall payroll. If your business has a reported injury rate that is below average for your industry, you may qualify for policy discounts through an experience modifier. Some insurers are better equipped to meet the needs of certain industries, so it is to your advantage to compare a few policies and quotes before making a purchase.
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North Carolina employers are required by law to report all workplace injuries and work-related illnesses, regardless of their severity. Workers' compensation insurance can prevent these injuries from causing large financial losses for employees and employers alike. You can expect a standard policy to cover the following:
If a work injury was not due to an accident or was the result of drug or alcohol use, or if the claim is not filed within 30 days of the incident, workers' compensation coverage may be denied. Employees and employers can appeal a claim denial by requesting a hearing with the NC Industrial Commission.
There are currently 693 independent insurance agencies in North Carolina who are ready to help you find the best workers' compensation insurance policy to cover your company. Your agent can contact several different insurance providers on your behalf to help you find a competitively priced policy that is well-suited to your particular business. Talk to an agent near you to start comparing customized workers' compensation insurance quotes.