Employee Protection – Worker’s Compensation Insurance

Employee Protection – Worker’s Compensation Insurance

Worker's Compensation Insurance

Employers are legally obligated to take reasonable care to assure that their workplaces are safe.  Nevertheless, accidents happen.  When they do, worker's compensation insurance provides coverage.

Worker's compensation insurance serves two purposes.  It assures that injured workers get medical care and compensation for a portion of the income they lose while they are unable to return to work and it usually protects employers from lawsuits by workers injured while working.

Workers receive benefits regardless of who was at fault in the accident.  Worker's compensation policies may provide payment for medical treatment, temporary and permanent disability and death benefits for your employees who are injured in the course of employment.

Be sure your premium is figured correctly.  Workers' Compensation is an auditable policy, and as such, premiums are based on estimated payrolls for the upcoming policy period.  At the end of the policy period, an audit is performed to ensure the premium reflects the actual payroll amount.

State laws and other governing bodies require policy audits to ensure employers are paying for their actual exposure. Variances between estimated exposure and actual exposure may result in payment of additional premiums, or a premium refund.

State statutes and regulations governing worker's compensation vary significantly; however, workers' compensation insurance is required in almost every state.  Coverage and rates are dependent on industry class codes.

Are your employees classified correctly?  Make sure you have been placed in the right industry category.  Check that the insurer's payroll computation adjusts for overtime pay and allocates the payroll of different employees correctly.  Do you need a workers' compensation insurance certificate NOW?  If you already have a worker's compensation policy, has your policy been reviewed lately?

Don't be surprised by an unannounced audit...

Have the piece of mind that comes from knowing your business and your employees are adequately protected

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