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Workers compensation insurance covers nearly all workers in the U.S. and provides those who are injured or become ill as a result of work with medical treatment, a portion of lost wages, and a lump sum for some permanent impairments.
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Basis for Workers Compensation Insurance Premiums
Throughout the history of workers compensation in the U.S., premiums for insurance policies have been determined by a set of factors related to employer risks, primarily the mix of occupational classes they employ.
Employers are assigned to work classifications according to state-sanctioned rating bureau guidelines. In general, employers in classifications with greater injury and illness risks and loss costs have higher “manual rates.” For example, a roofing contractor generally has a higher manual rate than a bank. Recommended or specified manual rates must be approved by the state regulators in most cases. Additionally, those employers which qualify for experience rating and that have a history of greater injury and illness claims and costs within the risk classes are charged even higher premiums through the application of an experience modification factor.
Those employers with fewer claims and lower loss costs benefit from lower premiums.
Workers Compensation Insurance Benefits
Payments for workers compensation insurance claims can be for employee medical treatment, loss of wages (indemnity), vocational rehabilitation, permanent disability, and death. The rules for the level of payment vary tremendously among the states with a few exceptions.
First, all medical expenses are the responsibility of the insurance provider without co-payment by the claimant but may be subject to legislated time limits and to medical fee schedules. These covered costs include the initial treatment and subsequent treatments plus physical therapy or vocational rehabilitation’s.
Second, indemnity payments to the worker who misses work for greater than the minimum waiting period are provided tax-free.
Third, most states provide wage replacement payments for the initial waiting period after lost work time exceeds a number of days that is set by the individual states.
For example, if the initial waiting period for indemnity payments is five calendar days, payments for that initial period would be made once the lost work time on that claim exceeds a separate minimum period such as 21 calendar days. This latter minimum time period is called the retroactive period.
Get same day Workers Compensation Insurance Fast from commercial insurance brokers near you that offer the best companies in the USA offering workers compensation insurance in most states: Below are our most popular states
AL-Alabama| AR-Arkansas| FL-Florida| GA-Georgia| IA-Iowa| IN–Indiana| KS–Kansas| MO-Missouri| MS–Mississippi| NC–North Carolina| NE–Nebraska| NJ–New Jersey| OH–Ohio| PA–Pennsylvania| SC–South Carolina| TN–Tennessee| VA–Virginia.
Some of the finest national Workers Compensation Insurance from leading commercial insurance companies that are available may be:
National Liability and Fire
V3 Insurance Partners and several others including large PEO managers.