As a South Carolinian business, you are asking yourself, what constitutes a workers’ compensation injury and what specific coverage is required by the state?
In this article, we are going to provide an overview of workers’ compensation insurance in South Carolina, its average cost, penalties for non-compliance, and exceptions.
Upon the conclusion of this article, you will have a better understanding of workers’ compensation in South Carolina. Let’s begin!
Workers Compensation in South Carolina
In the state of South Carolina, the kind of business that is comprised of at least four or more workers will have the mandatory responsibility to hold workers’ compensation insurance which offers a cover and protection to both, full time and parttime workers simultaneously. There is another category of employers and employees which is of contractors & subcontractors in the state of South Carolina. In the majority of the cases, common contractors will need subcontractors to have their cover as it enables general contractors to be free from any liability in case of any kind of accident. Such business owners who are sole owners, business partners, or have a part in LLC do not require a cover for themselves, however, they will need to maintain their rates and work ethics. As far as corporate officers are concerned, they are covered under workers’ compensation, nevertheless, they can optout if they wish so.
Average cost of Workers Compensation South Carolina
The approximate expense of workers’ compensation in South Carolina state falls around $1.80 per $100 in covered payroll as per stats of the insurance association. According to a report from South Carolina’s Department for Consumer and Business Services, the state is one of the 20 highest averaged states when it comes to workers’ compensation rates.
Like other states, South Carolina is also dependent on National Council on Workers’ Compensation for the class codes as each employer’s cost relies on that on the basis of performed duties. In South Carolina, Workers’ Compensation comes under the regulation of the South Carolina Workers’ Compensation Commission or (WCC).
Penalties & death benefits related to Workers’ Compensation
In cases, where employees go through any suffering caused at the workplace and there is no Workers’ Compensation insurance maintained by the employer, then South Carolina state can confiscate the assets of the business to cover the claim.
When it comes to death benefits, they are comprised of weekly compensation and funds for covering funeral & burial costs. Generically, the family of deceased one can take 75% of the deceased’s average wage for 500 weeks along with burial expenses of up to $2,500.
Essentials & exceptions for Workers’ Compensation in South Carolina
Regardless of the nature of the business, entrepreneurs must maintain a workers’ compensation or else wise, they must prove that their financial resources are ample for selfsecurity purposes. Such individuals who are sole owners or are in any kind of partnership, deemed as main stakeholders with ownership rights and hence, can exclude themselves from cover. As far as exceptions to workers’ compensation in South Carolina are concerned, such employers who came across a grand payroll of less than $3,000 along with agricultural businesses are exempted from the compulsion of workers’ compensation in South Carolina.
If you are looking for workers’ compensation insurance for your business or want more information on workers’ compensation requirements in South Carolina, give us a call or email.