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In Vermont, businesses must comply with the state’s workers compensation regulations to protect their employees in the event of a work-related accident or injury. Workers compensation insurance is classified as property and casualty insurance and is calculated based on estimated payroll wages and class codes. Although the premiums for this coverage are separate business expenses, some Vermont employers may be able to write off the premium cost as a tax expense.
Failure to obtain workers compensation insurance coverage in Vermont can result in fines for employers. These penalties start at $100 a day and can reach up to $250 a day. Not only can these fines cripple your business financially, but they can also result in your business being shut down by the state if you do not have insurance coverage.
Workers compensation insurance in Vermont protects employers from civil lawsuits brought by injured workers. The state also imposes strict rules for employers. Businesses in Vermont must carry workers compensation insurance if they employ any number of workers. However, the state does exempt employers who self-insure for this type of coverage.
There are four main ways in which a business can obtain coverage. If the company has workers compensation insurance, the employer must provide verification of the insurance. For example, a business may have to file a reconciliation payment to verify that it has paid its dues for the previous year.