What does Nonsubscriber Workers Compensation Plan mean? Read on to discover the definition & meaning of the term Nonsubscriber Workers Compensation Plan - to help you better understand the language used in insurance policies.
Nonsubscriber Workers Compensation Plan
A nonsubscriber is an employer that elects, by filing appropriate notices required by state insurance authorities, to pay work-related injury loss through some method other than statutory workers compensation. Three states Texas, New Jersey, and Oklahoma allow such an election. Note that the purchase of workers compensation insurance is elective in Texas. In New Jersey, employers are required to purchase either workers compensation coverage or employers liability coverage. In Oklahoma, employers must either purchase workers compensation coverage or become a qualified employer under the Oklahoma Employee Injury Benefit Act (OEIBA).
We hope the you have a better understanding of the meaning of Nonsubscriber Workers Compensation Plan.