Workers Compensation Insurance in New Hampshire

Also providing workers compensation insurance to residents in Massachusetts, Maine, Rhode Island, & Vermont.

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What is workers compensation insurance?

When employees are injured on the job, they may seek compensation for lost wages and medical costs from their employer. Workers compensation insurance may help protect New Hampshire employers in such cases.

Workers compensation insurance may provide financial protection if an employee sustains a workplace injury or illness. In doing this, it’s an insurance that helps both employee and employer.

What businesses in New Hampshire are required to have workers comp insurance?

New Hampshire state law generally requires most businesses that have employees to have workers comp insurance. This generally applies regardless of industry, or number of employees. Employers usually must apply for and obtain coverage before they hire any employee.

When hiring independent contractors, rather than employees, businesses often aren’t legally required to procure coverage for the independent contractors. Contractors are normally considered their own entities, and thus responsible for their own insurance.

Do businesses need workers comp insurance when hiring family members?

Yes, workers compensation is normally required anytime a business has at least one employee. This usually includes family members who are hired as employees of a small business.

Do businesses need workers comp insurance when hiring part-time employees?

Yes, workers compensation is also normally required when hiring part-time employees. Rates for part-time employees might be lower than those for full-time employees in the same roles, but coverage is usually needed for both.

What sorts of claims does workers comp insurance protect against?

Workers comp insurance covers most workplace-related injuries and illnesses. Policies typically provide protection against:

• Sudden injuries (e.g. machinery accident)
• Long-term injuries (e.g. repetitive motion injury)
• Sudden illnesses (e.g. poisoning)
• Long-term illnesses (e.g. black mold exposure)

An insurance agent who specializes in workers compensation will be able to give more detailed explanations of what a particular policy’s terms would likely cover.

What expenses are covered by workers comp when there’s a claim?

In the event of a covered incident, workers comp typically assists with medical bills and lost wages. Medical costs are often covered in full, while lost wages might be partially compensated.

Can employees still sue after filing a workers compensation claim?

Having workers compensation doesn’t necessarily eliminate an employee’s right to sue over a workplace accident, but it greatly reduces the likelihood of an employee suing.

Most workers compensation policies have terms that require employees to waive their right to sue when filing a claim. Employees could sue instead of filing a claim, but typically can’t sue after they’ve filed a workers comp claim.

For many, a workers compensation claim is advantageous to a lawsuit. A lawsuit can be expensive, uncertain, and last months or years before any payment is made to the injured employee. In contrast, a workers comp claim may provide a fair and expedited payout without expensive legal fees.

What’s pay as you go workers comp insurance?

Workers compensation premiums have traditionally been paid upfront when a policy is purchased, and then adjusted during an audit after the policy ends. The audit checks what should’ve been paid compared to what was paid, and assesses any additional premiums or issues any refunds that are in order.

Paying a policy’s premiums in full at the start of a policy is a major financial burden for many small businesses. Pay as you go workers comp insurance addresses this challenge.

Pay as you go workers comp insurance gives employers, which are often small businesses, a payment plan that charges premiums at regular intervals. This has two benefits for small businesses.

First, pay as you go workers comp insurance eliminates the need to make a large upfront payment for 6 or 12 months of coverage.

Second, pay as you go ensures the premiums charged are based on actual payroll figures rather than estimated ones. This greatly minimizes the chances of overpaying, and then having to wait for an audit until the overpayment is refunded.

Where can New Hampshire businesses find workers compensation insurance?

For help with either traditional, or pay as you go, workers comp insurance, contact the independent insurance agents at Insurance24. Our New Hampshire agents will make sure you find workers compensation insurance that works for your business.