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Workers Compensation is a state-regulated insurance system that provides covered employees with income and medical benefits if they are injured on the job or have a work-related injury or illness. Employers in the Texas have the option of whether or not to provide workers compensation insurance, with the latest figures from the Texas Department of Insurance (TDI) showing that 81% of Texas employees are covered by Workers Compensation (WC) insurance. After all, what better way to ensure employee retention than to show concern for the well being of your staff.
For those not offering direct coverage, about 70% have some type of private occupational insurance. The remaining 30%, without some sort of workers comp insurance in Texas, adds up to half million people or more. Employers opting not to provide this coverage still are risking the possibility of losing certain statutory defenses and could be held responsible automatically.
How denying coverage can affect your business
Employers failing to provide workers comp coverage are required by law to report their non-coverage status. Anytime they experience employees suffering work-related injuries and/or occupational diseases they must report to TDIs Division of Workers Compensation (TDI-DWC). In the event of a lawsuit being filed by the injured party, they could potentially end up paying any punitive damages.
Without WC coverage employers will have difficulty arguing many common-law defenses, including claims that the injured worker’s negligence caused the injury, or the injury was caused by the negligence of co-workers. With a WC policy in place, employers have more leverage when arguing that they believe a claim to be fraudulent in nature.
Employers with workers compensation insurance in Texas are far better off since they will have legal protections in place, not to mention being able to aid their workers in a swift recovery, one that hopefully leads to their returning to work sooner than later.
This also includes immunity from most lawsuits that are filed by injured workers.If an employer has WC insurance, a lawsuit may go to court only after it has been through TDIs administrative dispute process.The court will consider TDIs recommendations, and only issues in dispute may be used as evidence.
Virtually every employer must purchase workers compensation insurance. Since coverage premiums often cost companies a tremendous amount each year, business executives must find the right insurer to help keep expenses in check. Often, that means working with a workers comp managing general agent. These insurance professionals have the authority to underwrite policies. If you are looking to save money on your monthly premiums, you might be looking for a workers comp MGA. Below are some tips on finding one.
To begin your search for an MGA, rule out any firm that does not have direct knowledge. Ask if the firm has worked with companies in your industry. Then, look for an insurer who has expertise in keeping costs low.
While your MGA will want to make money, he or she should also be on your companys side. Look for an insurer that has a commitment to not artificially inflating prices. Remember, though, while it is a good idea to compare rates, you should also try to work with a provider that offers good service for a fair price.
Finally, try to work with a workers comp MGA that has information and training on keeping costs low. This might include the following:
- Joining a PEO
- Implementing a Safety Program
- Offering a Return-to-Work Incentive
By following these simple suggestions, you should be able to interview candidates from a good pool of MGAs.
Virginia workers compensation coverage is a mandatory benefit business’s provide to their employees who become injured while on the job or fall ill because of the job. Providing this coverage can come at a great expense to employers, but there are some things that businesses can do to take care of their employees without breaking the bank.
One way to control costs is to work to prevent accidents and illnesses from occurring in the first place. Virginia workers compensation providers can assist businesses in increasing workplace safety by developing training and accident investigation programs that will adequately prepare employees and lessen the occurrence of on-the-job accidents. Fewer accidents will result in lower insurance costs.
Unfortunately, some employees take advantage of the presence of workers compensation insurance by fraudulently claiming that they were injured while working. Insurance providers can work with businesses to identify suspicious claims and increase the effectiveness of reporting methods to reduce instances of fraud. Decreasing the number of fraudulent claims will help keep costs low.
Employers are always striving to strike a balance between what is good for their employees and their bottom line. Finding sufficient coverage at a reasonable cost can be challenging, but Virginia workers compensation plans are available to keep expenditures down and premiums low.
Workers comp insurance is a tricky field to navigate, especially if you are a small business owner. A workers compensation insurance broker will be able to inform you of what you need so that you do not pay too much or lose out on essential coverages.
Figuring Out State Laws
Every state differs on what it requires concerning workers comp insurance. While it is always good to have, some states will financially penalize you if it is discovered you are operating without it. Some states may not require you to have it based on the number of workers you employ, so when you meet with a broker, you will need to know how many full-time employees you have.
Figuring Out Premiums
Your broker will also assist you in determining how much you will end up paying on the premium. The amount you need to pay will depend on your payroll and your industry classification code. The type of industry you are in also plays a role. Businesses that are viewed as high-risk usually need to pay more.
These are the basics you need to familiarize yourself with before meeting with your workers compensation insurance broker. The professional will be able to go over all these with you in greater detail.
Many small business owners have a difficult time purchasing workers comp insurance coverage per their states regulations. For some, it’s just too expensive; for others, the job to be insured is too dangerous. As an insurance agent, it’s your responsibility to match the policy to the client, so work with a wholesaler that has the ability to handle small accounts just as effectively as large ones.
Small Account Issues
Some reasons why small business owners find getting workers compensation coverage tough is because many insurance companies are only interested in larger clients. Corporations mean money, and the small enterprise might find itself being rejected due to its lesser needs.
Another issue is your client’s niche. If you’re looking to secure workers comp insurance for a business office, you probably wont have too much trouble. If your client specializes in demolition, well, you’re going to be more hard-pressed to find a suitable carrier willing to take on the risk.
Variety Is the Spice of Insurance
In order to cater to the specialized needs of small business owners, you should work with a wholesaler that has a strong presence in the insurance industry. Even if your client does work in demolition, a wholesaler that knows several workers comp insurance markets can secure the policy you need, alongside educating your clients in OSHA regulations and safety.
As an insurance agent, you hear stories of workers compensation fraud all the time. You know the fear employers feel and how fiercely they protect their insurance policies, or do you? The Coalition Against Insurance Fraud provides some interesting facts.
Just the Facts, Maam
According to the ACIF:
- 1 out of 10 small business owners think an employee will fake an injury/illness to get benefits
- 1 in 4 owners install CCTV systems to monitor their employees
- 1 in 5 business owners don’t know how to identify workers compensation fraud
- 58 percent of business owners fear employees who have a history workers comp claims
Those numbers are huge. Your clients don’t trust their workers, and what length will they go to protect themselves?
The ACIF provided another distressing discussion. In order to avoid having to secure workers compensation insurance or paying a claim, business owners have been known to:
- Lie about the number of employees on their payroll
- Pay employees under the table
- Classify an employee in a high-risk job as working a low-risk job
- Misclassify employees as independent contractors
Your clients don’t have to do this if you find an insurance wholesaler that specializes in workers compensation coverage for small businesses. Don’t let your clients become a statistic in workers compensation fraud. Match them with the perfect policy provider today.
As a contractor operating in the Garden State you must be aware that no construction jobs for businesses and residential properties are done without some type of new jersey contractors insurance policy. Banks, as well as other lenders, simply will not make loans for a construction project unless the proper type of insurance is in place to protect their own interest, as well as others involved in these processes.
Contractors insurance is required on every single project and, in many instances its a requirement to have some sort of specific coverage in order to be awarded a job. Construction insurance provides coverage for materials, natural disasters, other inherent risks, and employees along with the business itself. However, the insurance industry, along with the construction industry, is always looking to provide the latest coverage on each and every unique situation.
A policy that fully protects your interests
You have to realize that you have a lot at stake, including your equipment and tools, while undertaking any construction job, due in part to the additional risk involved in working in open, and often hazardous, construction sites. The many exposures you’re likely to face can also vary from one site to the next, and during all phases of the construction process. These are issues and concerns that are best alleviated by purchasing a builders risk policy.
As in other property policies, there are choices you’ll need to make as to any available coverage options before construction is approved or commences. Clearly the construction lenders, as well as the developer and builder, plan to do a lot of due diligence regarding the builders risk policy’s terms and conditions.
Another area of insurance coverage for buildings under construction or renovation that need consideration has to do with any costs associated with a loss that ends up delaying construction, or possibly increases costs, due to a covered loss under the builders risk policy. An example of this would be soft cost or delay in opening, which can be substantial, but coverage must be added to a builders risk form in order to be covered.
Any questions that you have about the unwritten limitations in an all risk policy also need to be discussed and understood. Speak to a qualified agent who can address your questions and concerns about all new jersey contractors insurance products.
The field of workers’ comp here in Miami has grown more complex and technical in recent years with laws and statutes changing year to year. Because of this, employers need to routinely conduct educational classes and safety meetings to discuss how workers should handle medical issues as they relate to disability cases, along with many other topics, including how to handle workers’ compensation claims swiftly, and economically, with everyone’s best interests in mind.
The Miami FL workers compensation insurance coverage provided by employers will provide for all necessary medical care if an employee ever gets injured at work or develops an occupational disease arising out of, and in the course of their employment.
In order to protect the interests of the company, workers may be required to take a drug and alcohol test if injured on the job, in order to ensure that they were not impaired in any way at the time of the accident. If they test positive for alcohol or illegal drugs at the time of their injury, they may not be entitled to workers’ compensation benefits as per Florida law.
The state estimates that reforms have cut Florida business’ workers comp premiums by 56%, but workers’ advocates argued that those cuts had gone too far, and even began a series of lawsuits in Florida courts to challenge the law’s constitutionality. Just last June a South Florida appeals court overturned a circuit judge’s constitutional ruling that threatened a major underpinning of the state’s workers-compensation insurance system.
The constitutional question dealt with a long-standing concept in Florida that cases involving injured workers should be handled through the workers-compensation system instead of through civil lawsuits.
Employers need to focus on getting coverage value and safety
The key to getting the right coverage at the best price is to have an experienced, well-informed agency specializing in Miami FL workers compensation insurance evaluate the unique situation that surrounds your business and find the best possible coverage.
One way to accomplish lower claims rates is by implementing preventative measures such as a work safety and drug free workplace program, which often results in premium discounts and may also help reduce your MOD factor and that can save you even more money over time.