South Central region of the United States is home to Oklahoma, the twentieth largest American state. The capital of this state and its largest city is Oklahoma City. There are more artificial reservoirs in this state than in any other in the country.
State and local officials worked to diversify the economy of the state, which was dominated by petroleum and agriculture previously. There are many industries in Oklahoma today, including telecommunications, food processing, transportation, energy, and aviation.
Located in a low-cost state with an abundance of labor, Oklahoma is an ideal place to do business. This state was listed as one of the most business-friendly states in America because of its thriving economy.
Businesses in Oklahoma need a comprehensive workers' compensation policy to avoid costly lawsuits from work-related injuries.
Why Every Business Needs a Oklahoma Workers Compensation Policy
Generally referred to as "workers comp," workers' compensation is a government-mandated program that provides benefits to job-related injuries or illnesses.
Workers' compensation insurance is a valuable investment that safeguards both employers and employees. A workplace injury can leave injured workers with unemployment benefits, healthcare benefits, and compensation for lost wages and medical expenses. On the other hand, employers may avoid financial ruin and protect their reputation from costly lawsuits.
The requirements for workers' compensation claims vary from state to state, but almost every state requires employers to carry the insurance. Longshore and harbor workers, energy employees, domestic workers, and federal employees are all covered by federal workers' compensation programs. Claims are usually processed by the Workers' Compensation Board.
An injured employee may, however, be ineligible for workers' compensation benefits or have their medical benefits reduced under certain circumstances, including:
- When an employee intentionally injures themselves
- When the employee's injury was caused by alcohol or drugs
- When the employee resisted wearing the required safety gear
In some states, even sole proprietors and independent contractors may be required to carry workers' compensation. Depending on the state laws, you may need it to get a contractor's license.
If you don't have a workers’ compensation policy, you will be responsible for paying the costs yourself since your health insurance doesn't cover work-related injuries or illnesses.
Partner With Stampede Insurance Today!
Insuring your workers is a wise investment. If you’re a small business owner seeking coverage for your team, find a company that offers workers’ comp policies made just for small businesses. At Stampede Insurance, we offer:
- Partnership with top-rated insurance companies
- Skilled consultants to find the best coverage
- Free no-obligation quote
In Oklahoma, workers' compensation coverage can provide financial and physical protection for most employers. We can provide an entire solution for all your insurance and business needs with the help of our dedicated business partners and experienced agents at Stampede Insurance. You can count on our expert agents no matter where you are to find a comprehensive policy that fits your business' needs! We also offer services in North Carolina, South Carolina, and Idaho. To find out more about our services, contact us today for a free, no-obligation quote.
