The Knowledge Base

helpful tidbits from the experts

Life Cycle of a Workers’ Compensation Policy

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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Understanding the Basics of Loss Control

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.

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What are Loss Runs and how do you request them?

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.

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Benefits of Having a Return-to-Work Program

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.

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Top Five Workers’ Compensation Mistakes to Avoid

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.

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What Does Workers' Compensation NOT Cover?

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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3 Workers’ Comp Insurance laws you need to know

Whether you’re a small business owner with employees or a contractor who works alone, investing in workers' comp insurance is essential to your safety and financial stability. Without a policy in place, you may find yourself in one of the following scenarios:

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Workers Comp Insurance Safety Protocols You Need

Taking appropriate measures to make sure your staff members are safe on the job is crucial. Without workers' comp insurance and safety protocols in place, you may find it difficult to prevent workplace injuries and associated medical expenses.

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