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Do you have one or more employees? If so, Michigan workers’ compensation requirements say you must carry worker’s comp insurance. However, you will find some exemptions to this rule, as well as some differences in terms of how the state structures its workers’ comp laws.
While Michigan workers’ compensation requirements are pretty stringent, small business owners can find many ways to obtain the coverage they require without overpaying for it.
A few ways to reduce your costs include:
The process you’ll follow with Michigan workers’ compensation requirements is similar to that of other states. You’ll need to first get a quote on workers’ comp based on your estimated annual payroll.
Next, you’ll pay your premium and get a year of coverage. When the term ends, the insurance company will audit your payroll to determine its accuracy. You’ll get a refund if you overpaid and a bill if you underpaid.
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.
Michigan workers’ compensation requirements make it relatively simple to obtain insurance coverage.
The most common way to purchase workers’ comp insurance is to get a quote from n agent. At Kickstand Insurance, we can give you an online quote in just seconds.
If you can’t obtain insurance through an insurance company because of risk, you can buy from the state fund, which is the insurance option of last resort because it is more expensive.
For large businesses with the funds to cover workers’ medical bills and other related costs, there’s the option to self-insure. You’ll need to meet Michigan’s workers’ comp requirements for self-insurance and file the appropriate forms.
Michigan takes its responsibility to protect workers and businesses very seriously. Employers who fail to purchase insurance can face a range of ramifications, including:
Note that every day you go without workers’ comp insurance is a separate offense under state law.
Michigan workers’ compensation requirements spell out the death benefits offered to surviving spouses and dependents in the event of a qualifying employee death.
These include:
Note that Michigan recognizes spouses, children, grandchildren, siblings, grandparents, parents, and other family members as dependents/beneficiaries.
Under Michigan workers’ compensation requirements, employees, employers, and insurance companies can come to a mutually agreeable decision, called a settlement.
This can be either a lump sum settlement or a structured settlement that pays out over time. All settlements must be presented to the Michigan Workers’ Compensation Agency for approval.
In most cases, a settlement means the employee waives their right to pursue further benefits regarding the same injury.
Workers have two years from the date of the injury to file a workers’ compensation claim. However, under Michigan workers’ compensation requirements, employees must notify their employer within 90 days of the injury and then file a claim with the state within the two-year timeframe.
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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