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All companies who employ one or more full or part-time employees must purchase workers compensation insurance.
Sole-Proprietors, Partners and LLC Members are excluded from coverage, but they can elect to be covered.
Corporate Officers are automatically excluded for coverage if they do not receive pay for their work, or engages primarily in household work, or owns 20% or more of the company. Additional exemptions apply to certain family members related to an Officer.
Many exemptions are allowed in the state of Montana. It is important for you to consult with an industry professional or with the Montana Department of Labor and Industry to determine if your business is required to carry workers comp coverage.
Sole-Proprietors and Partners who include themselves on workers compensation coverage must use a annual payroll amount minimum of $10,800 and a maximum of $61,880.
Corporate Officers and LLC Members who are included for coverage must utilize a minimum payroll of $200 per week ($10,400 Annual) and a maximum payroll of $1,190 per week ($61,800 Annual).
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Workers' compensation is a commercial insurance product categorized as Property & Casualty insurance (P&C Insurance). Even though workers comp is calculated using estimated payroll wages and class codes, premium is still a separate business expense from the cost of payroll. Business owners may treat the cost of coverage as an expense on their taxes.
Work comp rates for all job classification codes are always expressed as a percentage of $100 in wages. An annual policy is always subject to an audit because it was based on estimated wages and not actual wages.
Here is an example using two class codes with different estimated payroll for each class code:
In order to calculate the cost of the policy you only need to multiply each rate with its divided payroll. It benefits employers to re-calculate their premium as their payroll becomes larger than originally anticipated.
Every state has their own rules for how employees must be covered and how they must be classified for rating premium. A lot of states use state specific class codes and have different requirements for who is obligated to carry workers' compensation insurance coverage.
If you have employees that travel out of state for work, or they work in multiple states throughout the year, you may need to purchase insurance for all the states where your workers are located and working. In most cases, you can add multiple states to one policy.
Workers' Compensation Insurance in Montana can be purchased from private insurance companies authorized by the state to provide coverage. The Assigned Risk Pool, or State Insurance Fund, is available for employers who are unable to find coverage from a private company. WorkersCompensationShop.com can help you navigate your best options.
Policy premium is based on numerous factors including: class codes assigned to your business and employees, estimated payroll, covered states, prior policies, owner experience and previous insurance claims.
We've developed Pay As You Go workers compensation programs that reduce or eliminate premium deposits and allow Montana employers to report and pay premium based on actual payroll wages. Protect your business from audits.
We've negotiated special deals with many of our insurance partners. We offer more flexible payment options, like 12 equal installments plans and monthly reporting programs, to help improve cash flow for our business owners.
With over 35 top rated insurance carriers to quote your work comp coverage, chances are we've got the lowest rates for your business. We often find the most complete coverage at the lowest rates. Ask about our exclusive MT programs.
MT Workers' Comp Specialists
In Montana, rates for workers compensation coverage are more expensive than the national average. Nineteen percent higher as of 2018. This makes it very important that businesses take advantage of every option they have to get the best value for their business. We will shop for you.
Help with MT Class Codes
Insurance rates vary significantly between NCCI classification codes. Let our MT Workers Compensation Specialists help you determine your correct workers compensation class codes before you buy a policy. We'll help make sure your business is properly covered.
Fast Workers' Comp Quotes
We make the process of getting workers compensation quotes fast and easy. We know your time is valuable. That's why we work harder to streamline the quote process, compare your rates and coverages, and present your best options as quickly as possible. We often have your insurance quotes ready in less than 24 hours.
Compare Rates With More Carriers
We're a National Agency, and we have tons of carriers offering work comp in Montana. We have access to over 35 insurance companies with a diverse appetite and competitive rates. Our markets know we expect the lowest rates, bigger discounts, and more policy credits when we request a quote.
THE RIGHT QUOTE MAKES A DIFFERENCE.
Get more information about workers' compensation in Montana:
Workers Compensation Info
Workers Comp Programs
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