• Workers' compensation provides coverage for injuries sustained while on the job.man with injured hand image by Joann Cooper from Fotolia.com
  
  Overseen and regulated by the Oklahoma Workers' Compensation Court, the program is organized within the judicial branch of Oklahoma's state government. Workers' compensation is an insurance program that provides medical and temporary disability coverage for an employee who is hurt on the job. The federal government requires all states to have workers' compensation programs.
  
  

Options for Coverage

• Under Oklahoma's Workers' Compensation Laws, employers may choose between three options for coverage -- a private insurance carrier, CompSource Oklahoma or self-insure. A private insurance carrier must have its insurance rates approved by the Oklahoma Property & Casualty Board. The National Council for Compensation Insurance proposes the rates based on the amount of claims in the entire state.
  
  

CompSource

• CompSource was created by the Oklahoma Legislature in 1933 as a reliable source for workers' compensation insurance at the lowest price possible for enrollees. CompSource is a self-supporting company that sells policies either directly or through independent agents. Because CompSource is a government-managed entity, its rates are not required to obtain approval by the state's Property & Casualty Board.
  
  

Self-Insuring

• Self-insuring for workers' compensation coverage is an option if the business owner proves a financial ability to pay compensation. The Oklahoma Workers' Compensation Court must approve a business for self-insuring. To be approved for self-insuring, the employer must have a minimum payroll of at least $1 million annually for the past three years, been in operation for at least five years, employ at least 100 people and the shareholders' equity must be at least $500,000.
  
  

Enforcement

• The Oklahoma Commissioner of Labor is responsible for overseeing the enforcement of compliance. The commissioner has the authority to impose civil fines of up to $10,000 in addition to filing criminal charges if the employer is in willful violation of the law.