If you own a business in Ohio with one or more employees, you will need to purchase workers’ compensation insurance to ensure coverage for your employees from workplace injuries.
However, there is an exception. If you are a sole proprietor, a partner in a partnership, or an individual incorporated as a corporation (with no employees), you have the option to forgo workers’ compensation coverage in Ohio, according to the Ohio Bureau of Workers’ Compensation.
What does workers’ compensation insurance cover?
As a business owner, you are legally responsible for making the workplace safe for your employees. Unfortunately, no matter how many safety measures you take to protect your employees, accidents do happen and that’s why having workers’ compensation insurance is so important.
Workers’ compensation in Ohio protects employers from lawsuits resulting from workplace accidents, as well as provides medical care and compensation for lost income for employees who are injured on the job, whether they’re hurt on the premises or elsewhere.
No matter who is at fault for the accident, workers’ compensation provides payments to the injured employee for the time lost from work and for medical and rehabilitation services. It also provides death benefits to an employee’s surviving spouse and dependents.
If you’re thinking about purchasing an Ohio Business Owners Policy (BOP) for your business, you’ll notice that workers’ compensation is not included in this package policy. You will have to purchase workers’ compensation as a separate policy.
For more information, please fill out our free insurance quote form and we will contact you to discuss your options and review premiums from several insurance providers, so you can get the coverage you need at the right price.