If you own a business in the state of Ohio, you need to provide all your employees with a worker’s compensation insurance cover. The cover provides compensation to any employee that gets any injuries while executing their duties.
Regardless of the number of employees your business has, be it ten or even one, you need to provide everyone with a cover. However, certain exceptions include volunteer workers and home workers that earn not more than $160 for every quarter calendar. They may be cooks, housekeepers, gardeners, or babysitters.
You are not also not required to provide coverage to partners in a partnership, sole proprietors, and members of a limited liability company. But where can you apply for a worker’s compensation insurance? It is the Ohio Bureau of Workers’ Compensation that primarily deals with all compensation claims.
According to Nolo, an online legal publication, the state of Ohio does not embrace private insurance companies when providing workers insurance covers. Instead, you can get the insurance cover from a state-run company such as the Bureau of Workers Compensation (BWC).
As a business owner, you need to apply for a worker’s compensation by filling out the form U-3 online. You will have to pay an application fee at a minimum of $120.
If you do not want state insurance, you have the option to self- insure yourself. However, self-insurance may only work well if you have a large enough business to meet the costs it demands. Small companies may suffer due to the amount you may need to set aside.
You need to report any injury or accident that happens at your workplace to the BWC to begin the compensation claim process. If you do not believe the claim your employee makes to be valid, you may reject it or allow the BWC to decide. You may also dispute the decision the BWC makes if you find it unsatisfactory.
