Nevada Workers’ Compensation Requirements

While nearly all businesses in Nevada need to have workers’ compensation, that doesn’t mean it has to be an extravagant expense. There are several ways for business owners to get a policy without spending a ton of money on it. 

Some of the best ways to cut costs include:

• Making sure all employees are classified properly. If they are in a more expensive code, you will be paying extra for them for no reason.
• Creating a return-to-work program for injured employees. Having such a program helps injured workers return to work faster and helps keep claims costs down.
• Starting a safety training program. By keeping safety top of mind, you will create a safer work environment which usually lowers the number and severity of claims.
• Using your dividends following your audit each year. This is a great way to save some money and many people forget to ask for them.

How to get workers’ comp insurance in Nevada

Most of the time, a business will buy insurance from an insurance company authorized by the Division of Insurance (DOI) to offer workers’ compensation in Nevada. This is usually the cheapest and easiest way to get coverage.

Qualified employers can also choose to be self-insured. This only makes sense for very large companies. This requires going through an approval process with the DOI. Approved self-insured associations and self-insured employers can be found on the DOI website.

What happens if I don’t have workers’ comp insurance in NV?

There can be several consequences for those who do not have appropriate workers’ compensation in Nevada. 

If you have any employees and are not exempt, not having insurance can lead to the following:

• Fines of up to $15,000
• Forced closure until proper insurance has been acquired
• Financial responsibility for all costs associated with employees who sustain a work-related injury