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Nevada workers’ compensation requirements mandate that businesses that employ at least one person purchase workers’ comp.
While nearly all businesses in Nevada need to have workers’ compensation, that doesn’t mean it has to be an extravagant expense. There are several ways for business owners to get a policy without spending a ton of money on it.
Some of the best ways to cut costs include:
Many states have a similar process for workers’ comp. The first part of the process is to get a few quotes for a workers’ comp policy from an insurance agent. These will be based on your estimated annual payroll.
Then you will pick a quote, finalize with the insurance company and you'll pay the premium for a year of coverage. When the term is complete, the insurance company will audit your payroll to see the true payroll numbers.
Since the policy was based on estimated payroll, the final number is usually different and may result in you getting a refund or a bill for the difference.
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.
Most of the time, a business will buy insurance from an insurance company authorized by the Division of Insurance (DOI) to offer workers’ compensation in Nevada. This is usually the cheapest and easiest way to get coverage.
Qualified employers can also choose to be self-insured. This only makes sense for very large companies. This requires going through an approval process with the DOI. Approved self-insured associations and self-insured employers can be found on the DOI website.
There can be several consequences for those who do not have appropriate workers’ compensation in Nevada.
If you have any employees and are not exempt, not having insurance can lead to the following:
Death benefits are available for a worker’s spouse and children if they die due to injury on the job. If there are no kids or a spouse, the money may go to dependent parents or minor siblings.
The burial allowance maximum for Nevada is $10,000. Nevada families can also be paid the state's weekly average wage with 50% going to a spouse and the other half to a child. There is no minimum but the maximum per week is $831.88.
Death benefits can be paid for an unlimited amount of time. However, they will stop if the spouse dies or gets married. Children will stop getting benefits at 18 or 22 if they are a student.
Settlements to workers’ comp in Nevada are determined based on negotiations by the insurance company and the person who was injured. The settlement can be either a lump sum or a settlement that goes out each year.
Many factors go into the settlement, such as wage replacement, medical costs, and percentage of loss of function. Settlements can take weeks or months to conclude depending on the situation and settlement amount.
Nevada has a fairly strict timeline in place for when a workers’ compensation claim can be made. After an injury or diagnosis of an occupational illness or disease, the filing must occur within 90 days.
This starts when the worker notifies their employer of the injury, seeks medical treatment, or misses work for the injury.
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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