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Iowa workers’ compensation laws state that if you have one employee, you must provide workers’ compensation. It’s essential to be aware of the nuances of the requirements in this state and follow all the rules to avoid penalties and other consequences.
A few ways to save money are:
The basic idea is that you get quotes from several insurance companies, so you have a few options to pick from.
Once you select a company and policy, you pay the premium and are covered for the next 12 months. Your policy is based on what you estimated as your annual payroll.
After the term, the payroll will be audited to see how accurate it was. If you overpaid, you’ll get a refund. If you are underpaid, you’ll receive a bill.
Workers' comp coverage also protects employers from legal action. This means that if an employee sues your business because of a workplace injury, the insurance will cover the legal costs of the case.
You can get a quote and buy a policy from any commercial insurance agent in Iowa.
You can also get a policy from some online agencies like Kickstand Insurance. If you are ready, get started with a quick and easy quote.
The consequences of not having workers’ compensation insurance in Iowa can be steep. There are both criminal and civil penalties to be aware of.
Willfully failing to provide coverage can lead to a potential felony conviction with up to $7,500 in fines and five years in prison.
In addition, failing to provide coverage means being liable for damages if an injured or ill employee sues the business.
The spouse and children of a deceased worker may receive death benefits in Iowa. If there are none, other people who can show dependency may be eligible for death benefits.
For the burial portion of the benefits, up to $10,587 is provided. In addition, up to 80% of a worker’s net weekly wages can be paid out. The weekly minimum is $308, while the maximum is $1,765.
No limits exist on dependency benefits in Iowa. However, remarrying or dying will stop benefits for a spouse.
Children will get benefits until 18 or 25 if they are a student. Benefits may be provided longer for disabled children.
In Iowa, settlement compensation may be provided as payments or a lump sum. However, payments are the most common option.
The Workers’ Compensation Commissioner can make decisions about settlements. For example, they might allow two lump sum payments for commutations and other similar situations.
There is a two-year statute of limitations for workers’ compensation claims if the worker doesn’t receive weekly benefits within two years of injury.
However, if they receive those benefits, this timeline moves to three years from the last payment. Filing after the deadline may result in not getting benefits.
Start by filling out a short online form about your business. We’ll use that info to get you an estimated quote. Then, one of our experienced agents will contact you to review the quote and make sure you are getting the absolutely lowest rate possible for your business. Once the quote is finalized, you’re ready to buy the policy - often with coverage starting that day!
Unlike other online insta-quote systems,
here your quote is reviewed by experts
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