Workers Compensation Information
The Basics of Workers Compensation Insurance
Workers Compensation insurance is mandatory type of insurance that employers put in place to cover their employees if they become injured or sick on the job. For many of our clients in the construction industry, Workers Comp insurance is one of the biggest business expenses they have. PDR insurance has worked very hard over the last decade to produce some unique Pay-As-You-Go options with the best insurance companies in the region. These programs have been critical in helping our construction clients manage cash flow and control expenses.
Why is Workers Compensation Insurance Important?
Employers have a legal responsibility to their employees to ensure a safe workplace. However, accidents do happen, even when organizations are practicing the right safety procedures and protocols. Your workers compensation policy is there to compensate employees injured on the job for any medical care, rehabilitation and lost wages due to the injury. Additionally, workers compensation protects your business from lawsuits stemming from workplace accidents.
What to Discuss With Your Agent
Before buying Workers Compensation Insurance, be prepared to discuss the following with your independent insurance agent:
- The type of business you operate, and the specific risks that are present in your industry.
- Your existing EXMOD and what claims are showing up on your NCCI report.
- The amount of payroll you have per year, and the job descriptions of your employees.
- The specific insurance requirements/certificates you need to produce for the people you work with.
- The current safety programs you have in place for your employees. Do you need help creating a safety program?
- Is your business seasonal, and do you have cash flow fluctuations in the winter months?
- The procedure for filing a claim.
- The insurance provider’s reputation for customer service and ability to pay claims.
- The responsiveness of the Insurance Agency staff when it comes to generating certificates, processing policy changes, and managing claims.