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Iowa Workers' Compensation Insurance
Protect your business and employees with Iowa workers' comp
Iowa workers' compensation insurance provides medical services and financial support to employees injured on the job. This coverage helps businesses in the Hawkeye State meet legal requirements while protecting their workforce.
Start a quote or connect with an agent to learn more about workers' comp in Iowa.
Who needs workers' compensation insurance in Iowa?
Iowa workers' compensation laws cover most employees because employers are usually required to have insurance. This rule helps workers receive necessary support if a workplace accident occurs.
Iowa workers' compensation insurance exemptions
While most businesses require coverage, there are some exceptions. Iowa workers' comp exemptions generally include farm workers, family workers, and people doing small jobs at home. If a worker makes less than $1,500 a year, they might not need it either.
If you don't know if you need coverage, check your licenses and contracts or ask a Progressive Commercial specialist for guidance.
What are the penalties for not having workers' comp in Iowa?
Iowa employers without workers' compensation insurance can face fines and possible criminal charges. They're also responsible for covering all costs related to employee injuries, like medical expenses and lost wages.
You can review the penalties for not having workers' comp in Iowa for additional information.
How much does workers' comp cost in Iowa?
In the state of Iowa, workers' compensation rates are shaped by the following factors:
- Job classification code: Workers' comp class codes categorize jobs by risk level. Safer industries usually pay a lower rate.
- Payroll: Premiums are calculated per $100 of payroll, resulting in higher premiums for larger companies.
- Claims history: More claims can cause your insurance rates to go up over time.
- Insurance carrier: Insurance providers can use their own methods to set workers' comp prices. Learn your exact cost when you get a quote.
How can you get workers' comp in Iowa?
There are three different ways to secure workers' compensation insurance in Iowa:
- Private insurers: Many businesses prefer private insurers because they can offer personalized policies and other discounts.
- Self-insurance: Employers can lower costs by applying for self-insurance through the Iowa Insurance Commissioner, but they'll be responsible for the financial risks.
- Assigned risk pool: Companies that can't find coverage through private insurers or self-insurance can get a policy from the National Council on Compensation Insurance.
Explore these options to determine what works best for your company. If you have any questions, start an online quote or talk to Progressive Commercial agent.
How does workers' comp work in Iowa?
Iowa workers' compensation supports employees in their recovery from job-related accidents. After the worker reports the incident, the employee or employer can file a claim. If it's approved, the employee will start receiving benefits, which can include:
- Medical expenses
- Disability benefits
- Lost wages
- Rehabilitation costs
Workers' comp also helps businesses by lowering the risk of lawsuits. Employees who accept a settlement usually can't sue. If they do, this insurance can cover costs.
Iowa workers' compensation death benefits
If a person dies because of their job, their family is eligible for workers' comp death benefits in Iowa. Dependents can receive payments equal to 80% of the employee's average weekly pay after taxes.
Iowa workers' compensation statute of limitations
The Iowa statute of limitations requires employees to notify their employer of a work injury within 90 days of realizing it was job-related. If they don't, they may lose their right to benefits.
Why choose Progressive Commercial for Iowa workers' comp
Progressive Commercial is focused on protecting your business. We customize insurance options to meet your needs and promote your growth.
Connect with an agent or start an online quote to find Iowa workers' comp today.
