If you’re a business owner in Oklahoma, it’s essential to understand the state’s workers’ compensation insurance laws.
This blog post will provide an overview of Oklahoma workers’ comp insurance laws, including which employers must carry, what benefits are available to employees, and more.
By fully understanding the Oklahoma workmans comp laws, you can ensure that your business complies with the law and provides employees with the protection they need.
What Is Workman’s Compensation Insurance?
Workman’s Compensation Insurance is an important insurance that helps protect employers and employees. This type of insurance provides financial benefits to injured or ill workers. It covers legal expenses if there is a dispute between the employee and the employer regarding a workplace injury.
Additionally, this type of insurance also helps to protect employers from lawsuits related to workplace accidents and injuries. For these reasons, it is essential for employers in Oklahoma to be familiar with the state’s laws governing workers’ compensation insurance.
What Are the Benefits of Oklahoma Workmans Comp
- Not only does workers’ compensation insurance help protect employers from potential lawsuits, but it also gives employees peace of mind knowing they’re covered if something happens at work.
- Workers’ comp insurance can reduce the time employees take off after an injury or illness since they can access medical care without worrying about costs.
- Furthermore, it gives employees access to certain benefits like weekly payments and job retraining which can help them get back on their feet financially.
- This type of coverage can also reduce stress among staff members as they no longer have to worry about filing claims or litigating against their employer.
What Does It Cover?
Under Oklahoma’s workers’ compensation laws, injured or ill employees are generally entitled to medical benefits, such as doctor’s visits, hospital stays, and physical therapy. Additionally, they may also be eligible for wage-loss benefits that provide some compensation for lost wages while they are unable to work.
Depending on the severity of the injury or illness, some employees may even be eligible for vocational rehabilitation services, which assist in returning to work. Employers need to know what type of coverage their workers’ compensation insurance policy provides to ensure their employees receive the benefits they are entitled to.
Who Is Required to Have It?
In Oklahoma, all employers with five or more full-time employees (or part-time equivalent) must carry workers’ compensation insurance. Additionally, any employer who works for you and owns less than 10% of the business must obtain workers’ compensation insurance.
Employers who fail to comply with Oklahoma’s worker’s compensation laws may face hefty fines and penalties. So, companies need to make sure that they have the proper coverage in place.
In Conclusion
Oklahoma employers must be aware of the workman’s comp insurance laws. While the rules are complicated, they are designed to protect employees who are injured on the job. Employers who fail to carry workers’ compensation insurance can be liable for damages.
Hence, speaking with an insurance agent is essential to ensure you are fully protected.
