How Do You Determine Workers Comp Insurance Needs?
Most employers are required to maintain workers’ compensation insurance to cover any employee injuries and illnesses suffered on the job. Your company’s specific insurance needs will be based on a variety of factors including your state’s law, company size and industry. Determine your company’s workers’ compensation insurance policy coverage. Specific coverage requirements vary based on state law. Generally, a policy will pay for medical care, lost wages and certain lawsuits. Find out your company’s financial obligations. Workers’ compensation insurance premiums are based on the type of business (industry classification code) and the company’s total number of employees. A company’s claims history can also have an impact on the cost of insurance. Locate a medical care center for employees. Your workers’ compensation carrier’s claims adjuster will work closely with medical personnel to manage employee claims. Select a preferred occupational health center to treat employees. Share your in
