Worker’s Compensation Insurance
What is Worker’s Compensation Insurance?
Worker’s compensation is a form of insurance providing wage replacement and medical benefits to employees injured during the course of employment. In exchange, an employer receives coverage for all work-related accidents, as well as, a mandatory relinquishment of the employee’s right to sue for perceived negligence. Worker’s compensation is essentially a no-fault insurance program that protects both parties.
Although worker’s compensation is required by law in almost every state, each state will differ significantly in regards to stipulations and requirements. While plans may vary among jurisdictions, provision can be made for weekly payments in place of wages, compensation for economic loss (past and future), reimbursement or payment of medical expenses and benefits payable to the dependents of employees killed during employment.
At Sargeant Insurance Agency, LLC, searching for the perfect solution is as easy as a couple clicks of the mouse. Sargeant Insurance Agency, LLC will help you find the plan you need at the rate you can afford. Your options will be clearly and diligently explained, and Sargeant Insurance Agency, LLC will work tirelessly until a policy that makes sense for you is found. Call today and let Sargeant Insurance Agency, LLC make life easy on you.
Common Workers’ Compensation Questions:
Why does a business need Workers’ Compensation?
It is required by state law. Protect the business and ownership (including corporate officers & owners) from being sued directly. To protect your employees should the get hurt.
How is workers comp premium determined?
Workers’ comp premiums are determined by a combination of the occupational class code(s) (job duties), payroll, frequency of injuries and the standard premium filed with the State. Premium costs are different for each insurance company. It’s important to shop around. It’s also important to have a broker with broad knowledge of workers’ comp. At Sargeant Insurance, we have that broad knowledge. From securing a cost-effective policy, to providing safety training, OSHA & HR compliance, investigating claims and the legal process at the Workers’ Compensation Appeals Board, our staff provides our policyholders with the professional support to minimize premium you pay.
Do family members have to be included?
Generally, YES! Children and other relatives of the owner that are employees or volunteers must be included in premium calculation and they are covered by law. A husband and wife of a sole proprietorship DO NOT require workers’ comp if they have no employees. Corporate business owners with at least 10% ownership can be excluded from coverage
If I report an injury does my premium increase?
Possibly! There are many factors to consider; the severity of the injury; the frequency of injuries; the amount of premium paid versus the cost of claims all factor in. The short answer is PROBABLY!
What should I do if I suspect FRAUD may have occurred?
Promptly report it to your broker and the claims department representative. Document in writing the details of why you believe fraudulent activity has or is taking place.