Workers’ compensation policies are generally annual contracts that are set up between your business and the insurance company you choose for your policy. The policy will start at the effective date and will go through to the expiration date, which is generally one year from the time the policy goes into effect. Of course, there may be differences based on the insurance company and policy you choose.
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The term Loss Control is commonly used in the insurance industry, as a means to describe ‘risk management’ when it comes to preventing claims from occurring. The goal is to reduce the risk for the insurance carrier offering the coverage and for the business that holds the workers' compensation policy. By finding potential risks and mitigating them as early as possible, it can help prevent injuries in the workplace and lower the amount of claims because it helps to make the workplace safer.
One of the options you might hear about when it comes to a workers’ compensation policy is a pay-as-you-go policy. You’re probably wondering what makes these different from other policies and whether they would be right for you or not. Generally, the policy itself is going to be the same as other types of workers’ comp policies. The major difference is how you pay for them.
Owning a commercial or residential cleaning service comes with a slew of responsibilities, some that can even be potentially hazardous to you and your employees. That’s why it’s so important to make decisions that protect the integrity of your business alongside the safety of your cleaners.
Owning any business, regardless of the industry, means making moves to protect it. Keeping your company’s reputations in good light, as well as protecting the safety of your employees, should always be a top priority.
Workers’ compensation insurance is something that nearly every single business needs to have–or ought to have. It is vital to the health of the company because it provides protection for you as the business owner, and it provides benefits for the injured employee. You may think that it costs too much to pay for workers’ compensation insurance but be assured that the cost of the lawsuit if you don’t carry it, will be much worse.
A loss run report records the history of claims made against a business insurance policy. It is similar to an incident report as you might keep for management records. When looking for new business insurance coverage, you can provide the report to prospective insurers. Underwriters can use loss runs to determine how risky your company will be to insure. If there were no claims, these documents would state that there were none. Loss runs can be obtained by requesting them directly from the carrier with whom the policy was issued or by contacting the agent who sold you the policy.
If an employee is injured, the insurance company must pay for medical treatment as well as a portion of the employee's normal salary. When a company offers a light duty or return to work program, it gives injured workers lighter/easier work while continuing to pay the worker's partial or full salary.
Workers’ comp class codes are the key to figure out what a workers’ comp insurance policy will cost. From the small mom-n-pop shops to the largest employers, all policies are written based on these 4 digit class codes. Where do they come from, what do they mean and how do they affect your workers’ comp policy?
There are a few mistakes you will want to avoid when it comes to workers' compensation and managing your team. Failure to do so can cause a mess with documentation and issues with your audit when it comes due. Continue reading to find out more.
You might not have heard of experience modification or ExMod. Essentially, after a few years of maintaining your workers' compensation annual premiums, a factor is applied to your business.
Workers’ compensation plans are designed to provide your business and employees with a layer of protection when an accident happens on the job. But what exactly does this type of policy do for you? Does workers’ comp cover lost wages?
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