IN Workers Comp Information
Find the latest news and information about Indiana workers compensation insurance.
Indiana has the second lowest rates on workers compensation insurance in the entire country. Still many business owners do not fully understand Workers Compensation Insurance. Here we have broken Work Comp down in to several informational topics to help you understand this required coverage and how it protects your business.
Workers' Compensation Insurance is protection for your business against the costs associated with an injury occurring to one of your employees while on the job. It is legally required in the state of Indiana. Workers Comp provides medical costs and lost wages for the employee, and it protects the business from being liable for injuries that occur as a normal part of business operations.
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About Workers Compensation in Indiana
Indiana Compensation Rating Bureau
5920 Castleway West Drive
PO Box 50400
Indianapolis, IN 46250
What is Workers' Compensation?
The basic purpose of the Workers’ Compensation is to provide wage replacement benefits and medical treatment for employees who have been injured or become ill due to a work-related injury or illness. It prevents the employer from bearing the costs of injuries that occur during normal business operations.
Registering with the State Board.
All independent contractors in the construction trade are required to register with the Indiana Workers' Compensation Board. Independent contractors in the building and/or construction trades are required to become certified with the Indiana Workers' Compensation Board. Injuries occurring while working as an independent contractor will NOT be covered by workers' compensation. However, injuries sustained while working as an employee might be covered.
How does workers comp help my employee?
Employees benefit from workers comp coverage by having lost wages covered while they are hurt or sick and not able to work. It also pays for medical costs they might incur as a result of the sickness or injury.
2014 Workers Comp Rates
In 2014 rates on Workers' Compensation Insurance in Indiana were the second cheapest in the country (43 percent lower than the national average). Rates are actually down five percent just in the last two years. Rates remain low because of strong competition on the open market and the presence of an assigned risk provider. Indiana Compensation Rating Bureau (ICRB) is the assigned risk provider in the state of Indiana. Typically states with an assigned risk provider enjoy lower rates on workers' compensation coverage than stay who do not.
How does workers comp help my business?
Your business benefits by not being liable for injuries that occur as a part of normal business operations. This applies whether the injury was the fault of the business or was caused by negligent actions of the employee.
More Programs and Options
We're always working with our insurance carriers to develop specialized programs for a broad range of industry class codes. Our Target Programs are designed to streamline the underwriting process and help ensure we offer the lowest rates available anywhere.
- Home Healthcare
- Janitorial Services
- And More
Workers Compensation Help?
- What is Workers Compensation?
- The Basics of Workers Comp
- Workers Compensation Q and A?
- Insurance Laws for Work Comp
- Managing Policy Claims
- Getting Work Comp Benefits
- NCCI Classification Codes
- Experience Modifiers and Ratings
- State Fund Coverage
- Workers Compensation Forms
- Handling Workers Comp Audits
- Understanding an Employer Liability Policy
- Excluding Owners and Officers
- Other States Coverage
Indiana Work Comp Information
Indiana Compensation Rating Bureau (ICRB)
Indiana is not a NCCI state. They use the ICRB as the assigned risk and to establish rates. The ICRB does use NCCI for ratemaking and uses the NCCI basic manual, but ICRB does not always follow NCCI classifications. For confirmation on classifications always check with ICRB.
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