Purchasing a Business in Another State May Bring Workman's Comp Insurance Woes

Written by on 4/27/2016 3:17 AM in , , , . It has 1 Comments.


Controlling costs associated with workman’s comp insurance is a universal concern of business owners and managers, regardless of business size. Adding to the stress: The patchwork-like feel of laws and rules which vary by state. Have you considered how to avoid jurisdictional workman’s comp potholes before jumping into an out-of-state business purchase?

There are an array of workman’s comp idiosyncrasies...
No single set of rules governs benefits, coverages, and premiums across states. In most states, you can simply purchase workman's comp insurance from an insurance company, but if your business is expanding to other states, you may quickly find yourself dealing with an entirely different set of rules… and consequences.

  • North Dakota, Ohio, Washington, West Virginia, Wyoming, Puerto Rico, and the U.S. Virgin Islands
    These states/territories require coverage only through state-operated or “monopoly state” funds. No private insurance allowed.
  • Arizona, California, Colorado, Idaho, Maryland, Michigan, Minnesota, Montana, New York, Oklahoma, Oregon, Pennsylvania and Utah
    In these states, employers can choose between state funded or private insurance.
  • Nevada
    Formerly state-funded, Nevada workman’s comp has recently shifted to private insurance.
  • What about self-insurance?
    Though many states allow it, requirements vary significantly from state to state. Unless all of your employees are owners of the company, you still need it.

Further complicating matters: Rating bureaus…
Advisory organizations like NCCI develop standard forms and guidelines for policies and rules regarding the computation of insurance premiums, but not all states use this model. Some use NCCI – but tinker with the rules to their liking. Others have their own advisory organizations.

Don't navigate a minefield of workman's comp insurance woes alone. Contact the pros at Minnesota Comp Advisor today.

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