WORKER'S COMPENSATION INSURANCE
WORKERS' COMPENSATION INSURANCE
Worker's compensation provides coverage for medical expenses, lost wages, and rehabilitation costs to your employees who are injured or become ill during their job.
WORKERS'S COMPENSATION CLAIM FILING
Employees that file claims for workers' compensation insurance can only do so if their duty causes their injury or illness while they are on the job.
For example, an employee is bringing in new stock off the truck for your grocery store. He goes to lift a box of potatoes and herniates a disc in his back.
WORKERS' COMPENSATION COST DETERMINATION
Rates for workers' compensation insurance are determined based on the experience rating, which looks at the number of losses in your similar businesses the past five years. Businesses have significant control over the cost of their workers' compensation. Each company has an experience modification. This looks at your specific loss history for the past five years; this rewards businesses with safer loss history with lower rates and penalizes businesses with unsafe loss history with higher rates.
For example, you have two identical roofing companies in size, employees, and gross revenue. One company has no claims for the past five years and has bi-yearly safety seminars for their employees. The other company has multiple claims and refuses to take any safety precautions to train their employees differently. The first company will have more companies available for quotes and lower premiums than the second company.