...'cause they can get hurt
Workers' comp insurance covers both the employer and the injured worker. Like all types of insurance, it acts as a safety net in case of an accident.
If a worker gets hurt on the job, the insurance company will help cover the costs associated with their care so the worker is well taken care of until they return to work.
Since the company had a workers comp policy, they do not need to pay anything towards the bills.
The National Council of Compensation Insurance (NCCI) sets a fixed rate for every industry.
The rate is based on the level of risk for that job description.
Premiums are primarily calculated by using your payroll numbers and your NCCI class code.
8824 - Retirement Living Centers: Health Care Employees
8824 - Assisted Living Facilities, ALF: Health Care Employees
8824 - Nursing Homes, SNF: Health Care Employees
8826 - Retirement Living Centers: All Other Employees
8826 - Assisted Living Facilities, ALF: All Other Employees
8826 - Nursing Homes, SNF: All Other Employees
8831 - Veterinary
8832 - Physician & Clerical
8832 - Dentist & Clerical
8832 - Health Clinic or Urgent Care
8833 - Hospital: Professional Employees
8835 - Home, Public, And Traveling Healthcare - All Employees
8835 - Companion Care
8835 - Home Health Care / Home Health Aide
8835 - Personal Care Provider
8842 - Group Homes - All Employees & Salespersons, Drivers
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Classify your workers correctly
For example - Employees who do clerical work have a different code (8810). Lumping them together with manual labors will increase your premium.
Don't underestimate your payroll
You will be expected to pay the difference at the end of the policy.
Have a clear process to report claims
...and make sure your employees know about it. This will make the entire experience easier for all involved.
Report every incident
- even if it didn't result in a large injury. Some things which seem insignificant can snowball into costly issues.
Prepare for your audit
Every policy is audited at the end of 12 months. Keep your payroll records and files neat so you don't have issues later!
How quickly can I get my certificate of insurance?
Certificates are usually issued 24 hours after the policy is bound.
Let us know if you need it quicker and we will rush it.
We are a physical & occupational therapy clinic and our therapists are independent contractors that do not have their own workers' comp coverage. Do I need to include them in our policy?
It is strongly recommended to include such employees in your workers compensation policy.
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