The Knowledge Base

helpful tidbits from the experts

Why Did My Workers’ Comp Premium Increase?

There are various reasons why your workers' comp premium might have gone up. The timing of your workers' comp premium increase can provide valuable insights into the underlying factors at play.

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Do Workers Comp Policies Have Deductibles? A Guide for Business Owners

Workers' comp policies may or may not have deductibles, depending on the state. In states that do offer deductibles, employers pay a reduced workers’ comp premium in exchange for paying a specified amount toward each claim.

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Can You Get a Settlement from Workers’ Comp?

You can get a settlement from workers’ comp for job-related injuries or illnesses, covering costs like medical care and lost wages. The process involves reporting the injury, filing a claim, and possibly negotiating a settlement. Settlement times vary, and most are tax-exempt federally.

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Workers’ Comp Procedures for Employees

Suffering an injury or illness on the job can be a stressful and overwhelming experience. You are not only hurt and trying to heal physically, but you also have to go through the claims process. In a perfect world, it would be as simple as reporting the claim to your employer who then sends it to the insurance company. But the world isn’t perfect, and as an employee, it's crucial to understand the steps involved in filing a claim and getting your benefits.

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How Long Does an Employer Have to File a Workers' Comp Claim?

The time an employer has to file a workers' comp claim to their insurance company typically ranges from 3 to 7 days after the employer is notified of the injury or illness. However, this varies by state.

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How to Cancel a Workers’ Comp Policy: The Do’s and Don’ts

Most states require employers to carry workers’ comp insurance. However, what happens when you don’t need it anymore? Can you cancel a workers’ comp policy? The short answer is that it typically requires a signature on a loss policy release form (LPR). It’s important to understand that any lapse in coverage is a bad idea and should be avoided if at all possible.

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Does Your Workers' Comp Go Up After a Claim? What to Know

Many business owners are concerned when they have a claim and ask us, "Does your workers' compensation go up after a claim?" The short answer is yes, it usually does. This is because insurance companies calculate your premium based on your business's experience modification rate (ExMod), which takes into account the number of claims filed. If your ExMod goes up, it is likely that your premium will also go up.

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Workers’ Comp Fraud: What Is It and How Can You Prevent It?

Workers’ compensation pays out money in cases of workplace injury or illness. Since the payouts can be thousands of dollars, it’s all too common for workers’ comp fraud to be committed. Fraud can be executed by employers, employees, or healthcare providers. To prevent workers’ comp fraud in your company, you need to know what it is and the red flags to watch for.

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What to Do When an Accident Happens at Work?

Workplace accidents can be devastating. They’re also far more common than many people realize and can result in severe injury, maiming, and death. Understanding what to do when an accident happens at work is critical for the employee, as well as for the employer. Not sure what to do in the event of a workplace accident? We’ll discuss everything you need to know in this post.

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