Workers Compensation Insurance: It's those dirty words that employers hate to hear! Employers must provide coverage for their employees that injured on the job. The coverage is required by State law, and benefits are statutory per State requirements. The benefits vary from state to state. The cost may also vary greatly from state to state. In California, the cost is based on each insurance carriers "Loss Cost" experience. Each type of employment operations carriers a classification, and the cost for the insurance is based on the susceptibility to injury for the job class. An example is Clerical office Vs, the High steel worker. Both have risk, but one rarely dies from a paper cut, while one wrong step from the high iron worker will usually result in death or great injury and disability. The two have a great difference in the rates charged for the same benefits and coverage. In California, the State Compensation fund competes with the Independent Insurance providers. Although they use the same classes, You may find the the State fund is your only choice or at least the carrier of Last Resort.
You can affect the cost of your insurance by the way you conduct your business. An example is good management, low claims activity, proper training of employees, safety meetings Compliance with Osha and the SB198 Injury and Illness programs. Once you qualify, you may receive an experience modification. This will act as a credit or debit to your premium rates. The "Mod Rate" is based on the premium you paid in prior years, and the Loss results you had for that period. You are either rewarded or penalized based on your experience.
Proper reporting, and understanding of how to hire, and report can also reflect your premium. An example is breaking out your premium for Highly paid vs. lower paid in the same category when available by class. Separating overtime from straight time. Having a Group Health plan in places may also alleviate "False claims" from being reported on your workers compensation policy.
Be prepared to provide your Federal Employer Identification Number, Contractors license number if you have one, a complete description of you employees duties, a breakdown of the payroll by class of employee, and if you have or had prior insurance - Your current valued loss runs from your prior insurance companies. (Carriers will not quote without the above.)
Click on the link below to fill out a quote request form for a California workers compensation insurance policy that provides excellent workers compensation insurance coverage and services at an affordable cost. Or you can speak with our Epstein Insurance Services agent to discuss the features.
Click here to fill out a California Workers Compensation Insurance policy quote request form.
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Personal and Commercial Insurance, California State License # 0495709
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