Workers Compensation Insurance
Workers' compensation insurance covers injuries and occupational diseases picked up at work. Fault doesn't matter; employers are liable even if the employee may have contributed to the injury or illness. It's required in every state except Texas, and specifics vary from state to state.
Workers' comp can cover all these areas:
Injuries or loss of limbs
Diseases like emphysema or repetitive motion
Injury inflicted at work
Rehabilitation needed so workers can return to work
Lost wages (up to two-thirds of the employee's salary)
Liability insurance for the company for lawsuits filed by injured employees
Not every employer needs workers' comp. Many states give the employer the option to self-insure, that is, to cover the costs flowing from on-the-job injuries themselves. Whether this is a good idea depends on the business you're in and the financial state of your company.
Let's say you do need workers' comp, and you don't choose to self-insure. How much coverage do you need per employee, and how much will it cost? What you'll pay depends on the kind of business you're in-there are about 700 "occupational codes" used by insurers, each carrying a different premium. (These codes are developed by the National Council on Compensation Insurance Inc.) Premiums are calculated for each $100 of payroll.
Like other types of insurance, there are better and worse deals available. Once you've established a good history with few claims, you may qualify for a "preferred" rate instead of a "standard" one. Some businesses are unfortunate enough to pay above-standard rates if the insurer sees them as risks.
Whether or not your business needs workers' comp insurance now, it's good to know what to expect when your profits and size grow to a point where you do.
Workers Compensation Coverage Area
Employment Practices Liability Insurance (EPLI) - Sister Plan to Workers Comp
Workers Compensation Insurance does not protect you from Employment Practices Claims.
Employment Practices Liability Insurance (EPLI) is a form of liability insurance covering wrongful acts arising from the employment process.
The most frequent types of claims alleged under such policies include:
Failure to promote
WHY DO WE NEED IT?
Employment Practices Liability Statistics:
We would like all of our clients to have the opportunity to receive an EPLI Quote to protect your business from future claims. Please contact us to receive EPLI coverage options. Thank you.
Workers Compensation with Payroll
You know how it goes: Every year, you suffer through another Workers’ Comp audit and premium rate adjustment. And that adjustment can really hurt—as in, a serious injury to your cash flow.
So let us handle this business necessity. We’ll calculate your annual Workers’ Compensation premium on an ongoing basis, based on your actual earnings each pay period—and pay it automatically as you process your payroll. This means no down payment or checks to write. You pay as you go, versus paying a year ahead. Which minimizes any annual rate adjustment you might incur to smooth out your cash flow. It also eliminates the time you’d spend to pull your paperwork and numbers together—because it’s all done through us. So Workers’ Comp is a hands-off experience for you.
Simplify your Workers’ Compensation - By integrating with your payroll, avoid end of year Workers Compensation Audits! Premium is based on actual payroll rather than estimates. Every payroll, the exact workers compensation amount is paid. No down payments, No checks to write, Improved cash flow, immediately.
Helping businesses, families, and individuals protect their financial future.
Have Questions? Call Us today at (800) 846-5902