As a small business owner in Ohio, you are required to provide workers' compensation insurance for your employees. This is mandated by the Ohio Bureau of Workers' Compensation, which requires most employers to have coverage for their employees. Even if you have just one employee, you must have this insurance.
The workers' compensation program in Ohio is designed to provide employees with medical and wage benefits if they are injured or become ill as a result of their employment. The program also provides death benefits to the families of workers who are killed on the job.
To obtain workers' compensation insurance for your small business, you will need to contact an insurance carrier or agent. The insurance carrier will evaluate your business and determine the appropriate premium based on the type of work your employees perform, and the risk of injury associated with that work.
Failure to provide workers' compensation insurance can result in significant legal consequences, including civil penalties and fines, as well as criminal charges. Additionally, you may be held personally liable for any injuries sustained by your employees.
It is important to note that there are some limited exceptions to the requirement to provide workers' compensation insurance. These exceptions include self-insured employers, sole proprietors, and certain types of corporate officers. However, these exceptions require specific statutory requirements that must be met in order to be exempt. For specific questions regarding these exemptions, it is best to speak with a licensed attorney.
In summary, it is important for small business owners in Ohio to provide workers' compensation insurance to their employees as mandated by the Ohio Bureau of Workers’ Compensation. This will help to protect both the business owner and the employees in the event that an injury occurs on the job.
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