Most business owners in Wyoming need workers’ compensation insurance, which protects both employees and employers after a work injury or illness.
Employers must provide workers’ compensation coverage for all employees working in Wyoming. Check with a licensed insurance agent or the Wyoming Workers’ Compensation Division to ensure that you have the proper coverage for your business.
In Wyoming, only those in the following occupations are specifically excluded from coverage:
The following business owners are exempt from workers’ comp insurance in Wyoming:
However, the above owners may opt into their company’s workers’ comp plan if it makes financial sense for them. Check with the Wyoming Workers’ Compensation Division for forms, fees, and further details.
Other workers’ comp guidelines relating to business owners:
Wyoming is a monopolistic state when it comes to insuring employees against job-related injuries and illnesses. This means you can’t buy coverage from a private insurance company. Instead, you must buy it from a state-run workers’ comp plan.
Wyoming employers with excessive workers’ comp insurance claims may not be able to qualify for the Wyoming public workers’ comp program. However, since they are required to maintain coverage, they can contact the state’s assigned risk pool for “last-resort” coverage.
Unlike most other states, Wyoming does not allow employers to self-insure their workers’ comp claims. All state employers must purchase workers’ comp insurance from the state plan.
The estimated workers’ comp expense for Wyoming employers is $2.03 per $100 in covered payroll, according to the National Academy of Social Insurance [PDF].
Wyoming’s workers’ comp plan provides death benefits to the survivors of an employee who died from a job-related injury or illness. The surviving spouse, minor children, and other dependents may qualify for monthly benefits lasting for as long as 100 months.
The minimum benefit that can be paid is 80% of the state’s average monthly wage. The maximum is twice the state’s average monthly wage. Both amounts depend on how much money the worker was making before getting hurt or sick.
Wyoming law also provides for a burial benefit of up to $5,000, along with $5,000 for other death-related expenses.
A workers’ compensation settlement is an agreement between the injured employee, employer, and the Wyoming Department of Workforce Services that will close out a workers’ compensation claim in return for the worker or family survivors receiving a lump-sum payment. This benefits both the employee, the employee’s family members, and the employer.
Unlike in other states where private insurers provide all or most of the workers’ comp insurance coverage, Wyoming’s only workers’ comp insurer is the state itself. For this reason, settling a claim will involve negotiations with the state.
In Wyoming, employees with injuries must file a workers’ comp claim by the latest date listed below:
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