WORKERS COMPENSATION INSURANCE

If an employee is injured on the job and requires medical treatment, your workers compensation policy will pay those bills.

Your policy will also cover lost wages and services that help the employee recover and get back to work, as soon as possible.

No matter what type of business you operate, you have a legal obligation to keep your employees safe at work. This responsibility will be fulfilled by purchasing a workers’ compensation policy. It will also provide benefits for the dependents of employees who lose their life, due to a work-related accident or illness.

Limits of coverage are very important, that is, the minimum limit of coverage is $100,000/$500,000/$100,000, however for a slight increase in premium, you have the option to increase your coverage to $500,000/$500,000/$500,000 or $1,000,000/$1,000,000/$1,000,000. We strongly recommend the highest limit.

All workers’ compensation insurance policies are auditable at the discretion of the insurance company. That is, at the inception of the policy, you must advise the insurance company of what your “estimated payroll” will be for your type of business. After the policy expires, the insurance company will audit your payroll to determine your “actual payroll.” If your audited payroll is less than your estimated payroll, you will be entitled to a return premium. Conversely, if your audited payroll is higher than your estimated payroll, you will have an additional premium due the insurance company.

Learn How to Reduce Your Premium

• Upfront Credits
• Managed Care Credits
• Backend Dividend
• Checking Experience Modification Factor
• Getting Out of the Assigned Risk Pool