Workers’ compensation insurance coverage is required by law for most businesses. This state-mandated insurance program provides medical treatment and partial reimbursement of lost wages for employees injured on the job, while helping protect employers from civil lawsuits filed by injured workers.
However, Wyoming is one of only a few states with a monopolistic workers’ compensation system. That means businesses in Wyoming must purchase their workers’ compensation coverage directly through the state fund — private insurance carriers are not permitted to sell standard workers’ compensation policies here.
At The Insurance Corners of Wyoming we can help your business understand state requirements, maintain compliance, and explore additional coverage options, such as stopgap insurance, to ensure you’re fully protected.
What Does Workers’ Compensation Insurance Cover?
Workers’ compensation provides benefits to employees who suffer a work-related injury or illness. These injuries may occur due to sudden accidents or develop gradually over time, such as repetitive stress injuries.
Employee benefits may include:
- Medical expenses related to the injury or illness, including emergency care, physician visits, rehabilitation, and transportation.
- Wage replacement, covering a portion of the employee’s average weekly earnings during recovery.
- Permanent disability payments for lasting physical impairment.
- Vocational rehabilitation if the worker must transition to a new occupation due to injury.
- Death benefits for dependents if a worker’s death results from a job-related incident.
Wyoming’s Monopolistic Workers’ Compensation System
Because Wyoming operates a monopolistic system, all employers are required to purchase workers’ compensation coverage through the Wyoming Department of Workforce Services – Workers’ Compensation Division.
Private insurance agencies cannot issue or manage these state workers’ comp policies. However, our experienced agents can help you:
- Navigate the state application process.
- Understand classification codes and payroll reporting requirements.
- Stay compliant with Wyoming’s specific laws and filing deadlines.
Stopgap (Employer’s Liability) Insurance
Even though Wyoming’s state fund provides essential workers’ compensation coverage, it does not include employer’s liability insurance—a key coverage that protects businesses from lawsuits arising from workplace injuries that fall outside workers’ comp benefits.
That’s where stopgap coverage comes in.
Stopgap insurance can be added to your general liability policy to fill this coverage gap. It helps protect your business if an employee files a lawsuit claiming negligence or unsafe working conditions that caused their injury or illness.
Our team at The Insurance Corners of Wyoming can help you obtain the right stopgap employer’s liability coverage to supplement your state-issued workers’ compensation policy, providing comprehensive protection for your business.
Workers’ Compensation Insurance Costs
Workers’ compensation costs vary depending on your industry, payroll, and claims history. High-risk industries such as natural resources, construction, and maintenance often face higher premiums.
Contact The Insurance Corners of Wyoming for guidance on your workers’ compensation responsibilities and for a quote on stopgap employer’s liability coverage. We’re dedicated to helping Wyoming businesses stay compliant while protecting their employees and their bottom line. Workers’ compensation insurance coverage is required by law for most businesses. This state-mandated insurance program provides medical treatment and partial reimbursement of lost wages for employees injured on the job, while helping protect employers from civil lawsuits filed by injured workers.
However, Wyoming is one of only a few states with a monopolistic workers’ compensation system. That means businesses in Wyoming must purchase their workers’ compensation coverage directly through the state fund — private insurance carriers are not permitted to sell standard workers’ compensation policies here.
At The Insurance Corners of Wyoming we can help your business understand state requirements, maintain compliance, and explore additional coverage options, such as stopgap insurance, to ensure you’re fully protected. Contact our Wyoming Agency locations for a Quote today.
