| On the commercial side of things Workers Compensation Insurance is a Hot Topic. Currently rates are extremely
competitive while quality services by the carrier are critical to the long
term health and rate of your business. We
offer Workers Compensation Packages for:
- Small Business .
- Large Commercial Accounts
- Participating and Self retained plans
- 24 Hour Care Programs
- Individuals required to carry insurance
Basic Workers Compensation Insurance
Information
- California law requires that all employers provide workers compensation
coverage to their employees. Owners and officers can in most cases elect out of coverage
if desired. A new trend in the industry are the 24 hour care plans which can potentially
save on premiums.
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- If you pay money to someone for services you could be considered an
employer, and you must provide workers compensation benefits, as well as payroll
withholding. If you are unsure, contact our office and we will be glad to assist you in
the current definitions imposed by the State and/or Federal Government
- Workers compensation coverages are divided into two basic areas:
Statutory and Employers Liability
- Workers Compensation Coverages
- Statutory coverage provides protection to your employees against injuries
and illness that occur or arise as a result of their job. It provides compensation for
lost time off work, medical bills, loss of body parts, and re-training if necessary.
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- The employers liability section of the policy covers liability for bodily injury to an
employee when legal action seeks recovery other than that provided by the Workers
Compensation Act.
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- Employers Liability does not include coverage or defense for such acts or suits
as harassment, sexual harassment, wrongful termination, hiring practices, etc. Separate
policies called Employment Practices Liability Insurance (EPLI) are available to cover
these growing areas of concern and lawsuits - contact us for more information or a quote.
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- Premiums
You will pay a premium based on actual payroll during the policy period. You are charged
per $100 of payroll at the rate determined in your policy (see below) At
the beginning of the policy you will estimate the payroll for the coming period. Depending
on your company and type of business, a "audit" period will be set up. This
could be annual (at the end of the policy year) semi-annual, quarterly, or even monthly.
You will pay the difference, or receive a refund based on the actual payroll reflected at
the audit period.
- What is my rate based on
The actual rate you pay is based on several different factors. First - Each class ie:
clerical / sales / drivers / factory has it's own class code and premium base. You are
charged that rate per $100 of payroll in each class. -
- In addition, if your business has built up a "experience
record" you may receive experience modification (+ or -) based on your companies
actual claims. You may also receive "schedule credits" if applicable based on
your business practices, level of compensation, the management of your business.
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