Oklahoma Workers Compensation Insurance
Oklahoma workers' compensation is a form of insurance for businesses in Oklahoma City (OKC) and other states that provides compensation and medical care for employees who are injured in the course of employment, in exchange for mandatory relinquishment of the employee's right to sue his or her employer for the tort of negligence. While plans differ between jurisdictions, an Oklahoma workers compensation plan can be made for weekly payments in place of wages (functioning in this case as a form of disability insurance), compensation for economic loss (past and future), reimbursement or payment of medical and like expenses (functioning in this case as a form of health insurance), and benefits payable to the dependents of workers killed during employment (functioning in this case as a form of life insurance). General damages for pain and suffering, and punitive damages for employer negligence, are generally not available in Oklahoma worker compensation insurance plans. Professional Insurors, a professional business insurance agency in Oklahoma City (OKC), offers a variety of business insurance plans, options, and carriers for this important insurance coverage for Oklahoma City (OKC) businesses, other Oklahoma business insurance, and many clients we service throughout the country.
Oklahoma Workers Compensation Insurance Limits
Since Oklahoma workers compensation insurance Limits are Statutory, meaning they are determined by State Law, there is no limit for part 1 of your workers compensation insurance. Under your business insurance policy, part 1covers the Statutory part of the employers obligation to the employee.
Part two provides coverage for the insured's legal liability for employment-related bodily injury or disease other than workers compensation insurance benefits. This coverage contains limits from $100,000 to $5,000,000. There are separate limits for Each Accident, Each Disease per employee, and Each Disease per Policy. It is rare that claims are paid under this coverage.
Oklahoma Workers Compensation Insurance - Premium Basis
Workers Compensation is based on payroll. Each employee should be classified under the proper classification according to their job duties. Each Classification will contain a different rate per $100 of payroll. Insurance companies typically audit these policies at the end of each policy year to determine if your payrolls were correct during the policy year.
Other States Workers Compensation Insurance Coverage
Other States Workers Compensation Insurance Coverage or Part 3, can be added to the policy for many insurance carriers, to cover your operations in other states, with the exception of the monopolistic states: North Dakota, Ohio, Washington, Wyoming, Puerto Rico and the U.S. Virgin Islands. Those states require that you purchase workers compensation insurance from their state program.
Business Insurance Plan & Policy Design
Professional Insurors offers many types of plans and services that provide for many different options of business insurance in Oklahoma or around the country including:
- Pay as you go workers compensation insurance with No Deposit
- Small or Large Deductible Plans
- Self Insurance - for Large Companies
- Test Audits - to prevent large year end audits
- PEO Workers Compensation Plans
- Certified Workplace Medical Plans - reduces medical costs of claims
- Experience Modifier (Exp Mod) Review & Evaluation
- Over 10 National Insurance Carriers