Workers Comp insures all part-time and full-time employees. A policy can cover owners, officers, LLC Members, etc as it depends on the exclusion or inclusion on the policy. Generally, a workers comp policy will cover ...Read More »
What is an Assigned Risk Workers Comp Policy or State Fund Work Comp Policy?
49 of the 50 states require companies to obtain workers compensation coverage. Most states allow private insurance carriers to operate in a competitive marketplace. Unfortunately, sometimes none of the private insurance companies want to write ...Read More »
What is a Workers Compensation Premium Audit?
An premium audit is conducted by phone, thru the mail, or in person (physical) as it depends on your insurance carriers’ discretion. Part 5, Letter G of your workers comp insurance policy gives your insurance ...Read More »
What is a Workers Comp Loss Run Report?
“Loss Runs” is an insurance term referring to an employer’s “Official Work Comp Claims Report.” This loss run report is obtained from all the employer’s work comp insurance carriers that have insured the employer the ...Read More »
What is Pay-As-You-Go Workers Compensation?
Pay As You Go Work Comp policies are a convenient means to buy workers comp coverage. This program enables companies to remit premium payments based on their real-time payroll runs (as opposed to the old ...Read More »
What Should My Company Do If a Workers’ Comp Claim Happens?
Immediately report the claim to your insurance carrier. Do not wait. In turn, the carrier will guide you thru their claims process. Thankfully, your employee will receive the necessary medical treatment and reporting the claim ...Read More »
What is a Work Comp Certificate of Insurance (COI)?
It is formal proof of workers comp insurance coverage. The certificate is a document used to display information regarding the workman’s compensation insurance coverage. The certificate provides verification of the workers comp insurance and contains ...Read More »
So what is a “Work Comp Ghost Policy?”
The ghost policy’s purpose is to provide workers compensation insurance for a contractor or sub-contractor who has zero employees (“ghosts”). The benefit is that an owner can exclude himself/herself from the workers comp policy, but ...Read More »
Should I shop around for workers comp insurance or are the workcomp rates the same everywhere?
Yes! (except in government run work comp markets in Ohio, Washington, North Dakota and Wyoming) Private insurance companies offer different workers comp rates from one company to the next. Factors like your loss (work comp ...Read More »
How to Stop Workers Compensation Insurance Premiums from Increasing?
Workmen’s Compensation is influenced by several factors – some broad (macro: i.e. at the state legislation) and others are very granular (micro: specific to a particular company). Macro factors include: State Legislatures – Those ladies ...Read More »