If you run a business and have employees, you’ll need to purchase Wyoming workers’ compensation insurance. In fact, this type of insurance is a requirement in most states, including Wyoming, with some exceptions. It helps pay your employees’ medical bills if they sustain an injury on the job. And limits your liability for workplace accidents, is a requirement in most states, including Wyoming, with some exceptions.
Business owners in Wyoming can expect to pay an estimated $1.70 for every $100 of covered payroll for workers’ compensation insurance. That means, for example, a business with a total annual payroll of $100,000 will pay around $1,700 annually, or around $141 a month, for coverage. These rates can vary, though, based on multiple factors.
In general, workers’ compensation rates are based on how likely it is that an accident will occur at your workplace. When applying for your policy, you can classify different employees with different class codes to make sure you’re paying the right amount. For example, some office workers may have lower workers’ compensation costs than those who perform more labor-intensive tasks and are exposed to greater risk.
If one of your employees is injured at work or becomes ill because of workplace conditions. Workers’ compensation in Wyoming can help pay for their medical bills. The weekly average wage of an employee is used to calculate workers’ compensation benefits. The type of claim determines the exact amount.
The most important thing that workers’ compensation does is offer coverage for your injured employee’s medical treatment. This would include doctor’s appointments, hospital stays, and surgical procedures. Following a return to work, an employee may need ongoing care. Such as follow-up appointments or extra surgeries; workers’ compensation will also cover these medical bills.
Additionally, if the incident causes permanent or temporary disability, the employee will receive compensation in the form of weekly or lump sum payments. If your employee suffers a temporary disability, their injury is preventing them from performing their regular job while they recover. They have a permanent disability if a doctor determines that they will not fully recover from their injury.
These two classifications fall into two subcategories:
- Temporary total disability (TTD) – These payments will be made if your employee is unable to work at all during their recovery.
- Temporary partial disability (TPD) – TPD payments will be made if your employee is still able to work, but with certain restrictions, such as requiring lighter duties or fewer hours. Even if your company does not provide work that meets these requirements, the employee may still be eligible for these payments.
- Permanent total disability (PTD) – If the accident or illness leaves your employee unable to work at all, even after recovery, they will be eligible for PTD payments.
- Permanent partial disability (PPD) – If an employee has permanent impairments but is able to work with those impairments, they will be eligible for PPD.
Wyoming’s Workers’ Compensation Death Benefits
The workers’ compensation system in Wyoming provides death benefits to the survivors of an employee who dies as a result of a job-related injury or illness. Their surviving spouse, minor children, and other dependents may be eligible for monthly benefits for a period of up to 100 months.
The minimum death benefit that will be paid is 80% of the average monthly wage in the state. The maximum is twice the average monthly wage in the state. Both amounts are determined based on how much money the employee was earning prior to being injured or sick. Wyoming law also provides for a $5,000 burial benefit, as well as $5,000 for other death-related expenses.
Wyoming’s Workers’ Compensation Laws
With few exceptions, most employers in Wyoming must carry workers’ compensation insurance for all employees working. Among those who are not required to be covered include:
- Casual workers
- The majority of professional athletes
- Domestic workers in private households
- Private duty nurses who work for an individual
- Employees of the federal government
- Volunteers for some organizations
But it’s important to note that every business in Wyoming, even those that are likely exempt from carrying workers’ comp, must register with the Division of Workers’ Compensation and Unemployment Insurance.
In addition, the Wyoming Workers’ Compensation Act exempts the following business owners from workers’ compensation insurance requirements:
- Independent contractors and self-employed
- Limited liability company (LLC) members
- Corporate executives
The above-mentioned owners may choose to purchase workers’ compensation. This is a wise financial decision, because your health insurance might not fully cover a work-related injury, and will never cover lost wages, which workers’ comp often does.
How to Buy Workers’ Compensation Insurance
When it comes to workers’ compensation insurance, Wyoming is what is known as a monopolistic state. This means you can’t get this type of insurance from a private company. Instead, you must purchase a workers’ compensation policy from the state.
If you have had a high number of workers’ compensation insurance claims, and your business is considered high-risk, you may be ineligible for the Wyoming public workers’ compensation program. If this is the case, you can contact the state’s assigned risk pool for “last-resort” coverage, since you are required to maintain coverage.
Wyoming’s workers’ compensation laws, unlike those in most other states, do not allow employers to self-insure their claims. All employers in the state are required to purchase workers’ compensation insurance through the state.
General liability insurance, which protects employers from employee injury lawsuits, is not included in workers’ compensation policies purchased through the state fund, so you will need to buy it as a stop-gap measure. You can purchase liability insurance from a private insurer.
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How to Get the Most Savings
The majority of the cost of workers’ compensation comes from factors beyond your control. However, there are still ways to save. Implementing a safety program is a great way to reduce workplace injuries and claims, which will lower your premiums. So regardless of your industry, it is important to have safety and standard operating procedures in place. Employees who have safety training are less vulnerable to injuries, lowering your workers’ compensation costs.
It is also a good idea to regularly review your claims history. Evaluating your claims history on a regular basis can help you identify and correct patterns. You might discover that certain aspects of your business operations are frequently causing claims. This allows you to adjust the operation to make it safer. You can save money by keeping an eye on potentially dangerous operations.
Correctly classifying your employees is one of the most effective ways to save money. When you apply for your workers’ compensation policy, you will classify each of your employees depending on their job’s risk. And this risk classification influences the cost of your workers’ compensation. For example, you might pay less to insure an office worker than you would a manual laborer. It’s also important to correctly classify your employees because you may receive a fine if you fail to do so.
Begin a free online application today to compare workers’ compensation insurance quotes for your small business from leading U.S. insurers. EZ’s agents specialize in insurance for a wide range of small businesses. Working with our agents can save you hundreds of dollars a year on coverage.
Wyoming Workers’ Compensation FAQs
Are you required to have workers’ compensation insurance in Wyoming?
Yes, nearly all Wyoming employers must carry workers’ compensation insurance. If you fail to comply with Wyoming’s workers’ compensation laws, you risk facing legal and civil penalties. Noncompliance can result in a misdemeanor charge with a fine of up to $1,000, and up to a year in jail.
How do workers’ compensation settlements work in Wyoming?
A workers’ compensation settlement is an agreement reached between you, your injured employee, and the Wyoming Department of Workforce Services to end a workers’ compensation claim in exchange for a lump-sum payment to the worker or their survivors. This benefits both the employee and his or her family, as well as you.
In contrast to other states where private insurers provide all or most of the workers’ compensation insurance coverage, Wyoming’s only workers’ compensation insurer is the state itself. As a result, settling a claim will necessitate negotiations with the state.
What is the statute of limitations in Wyoming?
Employees who have been injured on the job in Wyoming must file a workers’ compensation claim by the deadlines listed below:
- Within one year of the date of injury
- Within one year of receiving a medical diagnosis for a work-related injury or illness
- Within three years of the date of last exposure to hazardous materials
Workers must notify their employees of injuries within 72 hours, and state law requires you, the employer, to submit an injury report within 10 days.
Why Use EZ
We do everything in our power to make shopping for workers’ compensation insurance as easy and stress-free as possible. And we give each of our customers our undivided attention. As soon as you fill out our form, you will receive instant, free quotes from your dedicated agent. Who will give you personalized service and will work to understand your needs. We want to ensure that you get the best coverage at the best price. Our services are completely free so check out your quotes today!
If you still have questions, feel free to give us a call at 877-670-3538. You will speak to a local insurance agent who can answer all of your questions. And help you find the workers’ compensation policy that works best for your business.