Who must carry it in Indiana
Every employer with one or more employees must carry workers' compensation, with exceptions for certain farm and domestic workers and for people paid solely by commission such as real-estate agents.
Who counts as an employee
Part-time employees count, and an out-of-state employer with workers in Indiana needs Indiana coverage. The label on the paycheck does not settle it: Indiana applies its own employee test, and a worker who fails it is an employee for workers' compensation no matter what the contract says.
Owners, officers and LLC members
Sole proprietors, partners and LLC members are not employees unless they elect coverage; corporate officers are employees unless they file to exempt themselves. The election is made on the policy and affects both coverage and premium, so decide it before the policy is bound rather than at audit.
The day you hire
CoverMatch quotes workers' compensation from the first employee, with pay-as-you-go billing through most payroll companies where a carrier offers it, so the policy can start the week you hire without a large deposit. Add the policy to your wallet and the live certificate is ready for the general contractor or client who asks for proof.
If you go without
The Board can fine an uninsured employer, order it to stop doing business until insured, and the employer is liable for benefits with the award doubled. The specific amounts and procedures are in the statute and on the agency page linked above; they change, and the licensed agent who reviewed this page checks them on each update.