Workers Compensation Insurance
Workers Compensation insurance provides medical and wage benefits for occupational illnesses and work-related injuries. Workers Compensation laws vary from State to State, but in California, it is mandatory to have this coverage for any employer with at least one Employee, either part-time or full-time.
Workers Compensation ensures that injured employees can receive medical care and lost wages for work-related injuries without having to sue their employers. Employees know that their work-related injuries are covered, and employers know that they have coverage to pay for such claims without having to pay out of pocket.
What Does Workers Compensation Cover?
Medical treatment costs related to the work-related injury are covered. This means all expenses relating to the treatment of the injury will be covered by Workers Compensation such as initial treatments, prescriptions, surgery, evaluations, medical aids, etc.
Disability payments for lost wages and time off work due to a work-related injury are covered. Disability payments can be temporary or permanent.
Vocational Training and training is also a benefit. This is for employees who are unable to return to the job that they held while their injury occurred, or whose employee was unable to offer modified duties for employment.
Death benefits are a covered benefit, which includes burial expenses.
How are Workers Compensation Premiums determined?
Employees are classified based upon their job function and each classification has a base rate. Rating basis is payroll per class code, divided by 100 and then multiply by the rate. Other factors include a company’s loss ratio, which can increase or decrease a premium. This is an incentive for businesses to create and use safety programs and loss control measures to minimize and prevent claims.
Workers Compensation helps protect your business from out of expenses for work-related injuries and lawsuits. Failure to carry Workers Compensation can mean that your business must pay fines and could result in a misdemeanor with jail time as well as having your business closed until coverage can be obtained.
At Fixated Financial and Insurance Solutions, we can help protect your business. From small businesses to large, we have Workers Compensation markets that will give your employees the coverage they need, be less money out of your pocket and can help with safety program and safety resources. Please give us a call today to discuss your business needs with an agent or to get a quote.