We specialize in helping our clients to understand the complexities of workers compensation insurance. The purpose of workers’ compensation insurance is to provide employees with proper compensation for job-related injuries or illnesses. Although specific laws vary by state, workers’ compensation insurance is generally required of companies with W-2 employees.
Many states use the standards of the National Council of Compensation Insurance to determine the rates of their workers’ compensation insurance. The NCCI, a non-governmental, private organization, uses classifications to determine the risk factors involved in particular jobs. The risk factor will obviously be greater with occupations such as mining and construction, and generally low for clerical workers.
Premiums are usually determined through a formula which includes a number of factors including salary, benefits and other variables. A remuneration number is then arrived at. It is used in conjunction with the risk factor classification of the job to arrive at the cost of the insurance. Premiums can also be adjusted by “experience modification factors”, which are standards set by the NCCI and other organizations for reducing premiums based on a company’s reputation.
The initial premiums are based on a number of prognostications including the amount of wages to be paid to workers. At the end of the policy period an audit is performed to determine the actual premium amount. The results of the audit can result in either a refund or additional premiums due.
Workers’ compensation coverage is important to the financial well being of your employees. We work with our clients to find the right coverage with quality insurance companies. Contact us today for a no obligation review of your workers’ compensation program.
If you are a small business (sole proprietorships, partnerships, LLC’s or S-corporation), we can write a ghost poilcy* for your business if you have no employees. We can offer state minimum Employer’s Liabiity limits and additional limits up to $1 million PLUS we include an “accident” coverage for the owner(s).
A ghost policy is a workers’ compensation policy for small businesses who do not have employees and who do not want to cover the owners BUT who need to provide evidence of workers’ compensation policy to their general contractor, landlord, etc.
Want to learn more, give us a call at the agency.
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