RISK-PRO-LLC

Q & A

 

Send us your questions about Workers Compensation Insurance, Claims Management, OSHA, or any related area. We'll respond to all questions and post frequently asked questions here

 

 

 

 

 

 

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Who sells workers comp insurance?
 
Workers compensation is not part of your Businessowners Policy (BOP). It must be purchased as a separate insurance policy.

How are premiums set?

Premiums are based on the employer's industry classification and payroll. Also, the Experience Modification Rating (mod) is a major contributor to the size of the premium.  Claims and reserve review can catch mistakes in reserving that hurts mod.

What are my costs for workers comp?

Your costs include insurance premiums, payments made under deductibles and the administrative costs of handling claims and making reports to the state and your insurer.

• Are my employees covered when they work or travel in other states?
  
  Your workers comp policy covers claims made only in the states named in the policy "Declarations".

What is a second injury fund?

About half the states have second injury funds to encourage the hiring of workers who are partly disabled but still able to work.

What are my obligations if an employee is injured?

In most states you are required to keep records of accidents. You must report work-related accidents to the state workers compensation board and to your insurer within a specified number of days.