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Oklahoma Workers' Compensation Insurance
Protect your business and employees with Oklahoma workers' comp
Oklahoma workers' compensation insurance provides financial and medical benefits for job-related accidents. No matter if your business operates in the city of Tulsa or the scenic Great Plains, this coverage safeguards your team and helps you meet state requirements.
Start a quote online or call a Progressive Commercial specialist to get answers to your workers' comp questions.
Who needs workers' compensation insurance in Oklahoma?
According to Oklahoma workers' compensation laws, businesses with at least one employee must have coverage. This rule also applies to companies outside of Oklahoma that operate in the state.
Learn more about workers' comp requirements in Oklahoma.
Oklahoma workers' compensation insurance exemptions
Workers' compensation exemptions in Oklahoma apply to certain business types or employment situations, such as:
- Some agricultural workers
- Commission-based real estate agents
- Certain service providers for state programs
- Some sole proprietors, partners, franchisees, and LLC members
- Truck owner operators
Even if you're exempt, consider getting workers' comp. It shows you care about your employees' safety and helps cover costs if they're injured. It also protects your business from unexpected expenses.
What are the penalties for not having workers' comp in Oklahoma?
Employers who are legally required to have workers' comp but fail to do so can face misdemeanor charges and fines. After two violations, the Commissioner of Labor can order them to stop business activities until they have coverage.
You can review the penalties for not having workers' comp in Oklahoma or contact an agent for more information.
How much does workers' comp cost in Oklahoma?
Oklahoma workers' compensation rates vary based on your business. Insurers consider these factors when determining costs:
- Job classification code: The National Council on Compensation Insurance (NCCI) sets class codes for Oklahoma workers' comp, which determine insurance rates based on risk levels.
- Payroll: Workers' compensation costs are calculated per $100 of payroll, so premiums increase with company size.
- Claims history: More claims can influence your coverage rates and cause higher costs.
- Insurance carrier: Various factors affect how insurers set workers' comp premiums, which can lead to differences in prices.
How can you get workers' comp in Oklahoma?
You can choose from a few options for workers' compensation insurance in Oklahoma:
- Private insurers: Many companies in Oklahoma choose to get workers' comp from private insurers because of the flexible coverage options and additional benefits they may offer.
- Self-insurance: Businesses have the option to apply for individual self-insurance or participate in a self-insurance group fund. This option can be cost-effective, but they'll need to handle policy management on their own.
- Assigned risk pool: Companies with a track record of claims or those in high-risk industries can secure a policy through CompSource Oklahoma.
Reviewing these choices can guide you to the best workers' compensation coverage for your business. If you have questions you can talk to a Progressive Commercial specialist or get an online quote today.
How does workers' comp work in Oklahoma?
Oklahoma workers' compensation supports employees with work-related injuries or illnesses. Once an incident is reported, the employee or employer can submit a claim. Upon approval, the employee receives financial assistance.
Oklahoma workers' compensation benefits can cover:
- Medical expenses
- Disability benefits
- Lost wages
- Rehabilitation costs
Businesses also benefit from workers' comp, as it reduces the likelihood of lawsuits. Employees who accept an Oklahoma workers' compensation settlement usually can't sue, but if they do, this insurance helps cover costs.
Oklahoma workers' comp death benefits
Family members of a deceased employee can receive Oklahoma workers' compensation death benefits. Payments can include lump sums and weekly benefits, all determined by the state.
Oklahoma workers' compensation statute of limitations
Oklahoma's statute of limitations gives employees one year from the date of injury to file a claim. Advise your team to report incidents immediately to meet deadlines and access their benefits.
Why choose Progressive Commercial for Oklahoma workers' comp
With over 50 years of experience, Progressive Commercial has been a dependable partner for businesses like yours, providing friendly service, competitive prices, and trustworthy advice.
We're ready to help you find the right workers' comp policy. Reach out to an agent or start a quote online.
