Oklahoma Workers Compensation Insurance

Workers Compensation protects your business and employees from work-related injuries, accidents or deaths. Workers Compensation provides medical costs for employees injured on the job in exchange for mandatory relinquishment of the employee's right to sue his or her employer for the tort of negligence.

While plans differ between jurisdictions, an Oklahoma workers compensation plan can serve as:

Weekly payments in place of wages (functioning in this case as a form of disability insurance).

Compensation for economic loss (past and future).

Reimbursement or payment of medical and like expenses (functioning in this case as a form of health insurance).
Benefits payable to the dependents of workers killed during employment (functioning in this case as a form of life insurance).
General damages for pain and suffering, and punitive damages for employer negligence, are generally not available in Oklahoma worker compensation insurance plans.

Workers Compensation Coverage Statistics

Certain industries are by nature more hazardous than others. The construction industry is considered “the most dangerous industry” due to having the highest rates of death.

In Oklahoma in 2021, there were 1,246 claims filed for workplace injury. Of those, 514 injured workers received paid compensation, which, along with medical bills paid, added up to a total of $58,499,227.

We are a trusted Compsource Mutual Agency. Learn more about our relationship with Compsource here.

Professional Insurors, a professional business insurance agency in Oklahoma City (OKC), offers a variety of business insurance plans, options, and carriers for this important insurance coverage for Oklahoma City (OKC) businesses, other Oklahoma business insurance and many clients we service throughout the country.

What Businesses Need Workers Comp Coverage?

All businesses with employees must pay the cost of state workers’ compensation based on the number of employees. Since states control the regulation of workers’ comp, each state has different rules governing over workers’ compensation and it’s important to keep up with alterations of procedures or rules through the Oklahoma Workers’ Compensation Commission website or the Workers’ Comp Commission for your particular state. In Oklahoma, employers without workers comp insurance are subject to a $1,000 daily fine,

How Much Does Oklahoma Workers Comp Cost?

Workers Compensation is based on payroll. Each employee should be classified under the proper classification according to their job duties. Each Classification will contain a different rate per $100 of payroll. Insurance companies typically audit these policies at the end of each policy year to determine if your payrolls were correct during the policy year.

What Oklahoma Workers Compensation Plans Are Available?

Professional Insurors offers many types of plans and services that provide for many different options of business insurance in Oklahoma or around the country including:

Pay as you go workers compensation insurance with no deposit.
Small or Large Deductible Plans.
Self Insurance - for Large Companies.
Test Audits - to prevent large year end audits.
PEO Workers Compensation Plans.
Certified Workplace Medical Plans - reduces medical costs of claims.
Experience Modifier (Exp Mod) Review & Evaluation.
Over 10 National Insurance Carriers.

What Does Workers Compensation Insurance Cover?

Part 1

Since Oklahoma workers compensation insurance Limits are Statutory, meaning they are determined by State Law, there is no limit for part 1 of your workers compensation insurance. Under your business insurance policy, part 1 covers the Statutory part of the employers obligation to the employee.

Part 2

Part two provides coverage for the insured's legal liability for employment-related bodily injury or disease other than workers compensation insurance benefits. This coverage contains limits from $100,000 to $5,000,000. There are separate limits for Each Accident, Each Disease per employee, and Each Disease per Policy. It is rare that claims are paid under this coverage.

Part 3

Other States Workers Compensation Insurance Coverage or Part 3, can be added to the policy for many insurance carriers, to cover your operations in other states, with the exception of the monopolistic states: North Dakota, Ohio, Washington, Wyoming, Puerto Rico and the U.S. Virgin Islands. Those states require that you purchase workers compensation insurance from their state program.