Workers Compensation insurance is a state-mandated insurance program that covers medical treatment, loss of wages, rehabilitation and/or death benefits resulting from a work related injury or death to an employee. In most states workers compensation insurance is required.
Because coverages and benefits vary from state to state rates will vary. Workers Compensation is based upon the following;
- Type of Business you are in or Classification Code
- The number of employees you have
- Claims history – Little or no claims may qualify you for a discount or credit, frequent or claims severity may result in debits or surcharges to your rates
- Payroll Size
Rates vary based upon the risk of injury for your industry type. A clerical rate will be much lower than say a roofer’s rate. Depending on your companies operations you may have several class codes assigned to various positions within your company. It is important that each employee is properly classified so you don’t over pay
Call our office today and to discuss your needs or for quotes from several of the leading insurance carriers. Please keep in mind that rates can vary carrier to carrier in some states as much as 40%, so it is important to get quotes form more than one insurance carrier. We can help you with this process.