Montana’s workers’ compensation requirements is that all businesses that have one or more employees, including those who are part-time, full-time, or seasonal are covered by a workers’ comp policy.
A few methods that reduce costs include:
First, businesses can get quotes for workers’ compensation coverage based on their projected annual payroll information. After choosing an insurance company, they need to sign the documents and pay the insurance premiums.
Once the year is over, the company will do an audit to see if the project payroll amount matches the actual payroll for the past year. Based on their findings, a refund or bill for the difference may be provided at that time.
Workers' comp coverage also protects employers from legal action. This means that if an employee sues your business because of a workplace injury, the insurance will cover the legal costs of the case.
The most common way to get workers comp insurance is through an insurance agent who will get quotes from an insurance company. You can view quotes and choose the right policy for your needs.
If your business is high-risk and you cannot get insurance through an insurance company, you can get insurance through the Montana State Fund.
The last way to gain insurance is to self-insure your workers’ comp claims. When you have self-insurance, you pay your own claims rather than using an insurance provider.
It only makes sense to self-insure if you are a large business, and you will need permission from the Montana Workers’ Compensation Regulation Bureau.
In Montana, an employer who doesn’t have workers’ compensation insurance could be fined double the amount of their owed premium starting at a minimum penalty of $200.
Penalties are calculated using the state fund rate that would have been charged while uninsured and can be quite large if a business was uninsured for a substantial time.
Worker’s spouses and children can get death benefits in Montana. If there aren’t any, benefits may go to dependent parents.
The death benefits listed as part of Montana workers’ compensation requirements include:
Montana worker’s compensation requirements only allow workers to settle for wage loss benefits so medical benefits remain open. Settlements can be made as a lump sum or a series of payments throughout a longer period.
The degree of permanent wage loss plays a large role in the settlement and is based on whether a worker can go back to their job without wage loss, whether they are dealing with permanent partial disability, or whether the issue is permanent total disability.
In most cases, Montana workers’ compensation requirements have a statute of limitations of one year after an injury or two years if it is a latent injury or an injury you were unaware of.
Most workers’ comp claims are closed five years after the injury occurs, but the injured workers can appeal this with the Montana Department of Labor.
Start by filling out a short online form about your business. We’ll use that info to get you an estimated quote. Then, one of our experienced agents will contact you to review the quote and make sure you are getting the absolutely lowest rate possible for your business. Once the quote is finalized, you’re ready to buy the policy - often with coverage starting that day!
Unlike other online insta-quote systems,
here your quote is reviewed by experts
