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Most business owners in Nebraska are required to have workers’ compensation insurance when they have one employee. While workers’ comp is commonly needed across the United States, every state has different laws. Understanding Nebraska workers’ compensation requirements will set you off on the right foot.
Workers’ comp can get expensive, especially in a high risk industry. There are some things you can do to lower your premium amounts.
Some of the most common methods to cut costs include:
First, you need to determine your estimated yearly payroll and use that information to get a quote or two for a workers’ compensation policy. Then you need to choose a plan and finalize it.
After the term is over, your payroll will be audited to compare the estimated payroll to the actual payroll. If you paid too much, you’ll get a refund. If you pay too little, you’ll get 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.
The cheapest and most common way of getting workers comp insurance is to get a quote from an insurance agent. Here at Kickstand Insurance, we have a quick and easy way to get a quote for an insurance policy.
If you are an outlier, either you are in a very high-risk business or you have a bad claims history, a typical insurance company will not want to insure your company.
You can buy coverage from the Nebraska-assigned risk pool in this situation. Travelers Indemnity Company manages this plan and acts as the workers’ comp provider of last resort. This option is more expensive but there aren’t any other options if you fall into this category.
For larger businesses that are comfortable taking on additional risk, they have the option to self-insure any claims from your employees. The company would be responsible for paying the claims instead of sending them to an insurance company.
For companies that are required to have workers’ compensation insurance but do not, there are several consequences you may face.
These penalties include the following:
Death benefits may be provided for a deceased worker’s children and spouse. The benefits may go to the worker’s parents if no dependents exist.
The burial allowance is $10,000 in Nebraska. Families can also receive up to 75% of the employee’s average weekly wage. The minimum weekly benefit is $49, while the maximum is $855.
These benefits can be paid for up to 500 weeks but will stop if the spouse dies or gets remarried. Surviving children receive benefits until they turn 19 (or 25 if they are in school.) Benefits can keep going for disabled children.
Under Nebraska workers’ compensation requirements, employers, workers, and insurance companies can reach an agreement known as a settlement. This might be a structured settlement over time or a lump sum settlement.
The Nebraska Workers’ Compensation Court presides over these cases and is not bound by traditional common law or rules of evidence.
For those in Nebraska, the statute of limitations is two years from the date of an injury or when the last compensation payments have been made. So you have two years after an injury or two years after receiving your most recent payments.
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
A Step-by-Step Handbook for Small Businesses - you don't want to skip this!
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