Workers Compensation Insurance

Workers' compensation can be incredibly valuable to your business as a way to help retain employees, keep them healthy, and keep them happy. This article explores what Workmen’s Compensation is, how it works, how the cost is determined, how claims are filed, and you also get access to free quote tools to help you purchase this type of insurance policy. Fontana Trucking Insurance is the top spot for all types of commercial auto insurance, commercial trucking insurance, and business insurance of other types.

What Is Workers’ Compensation?

Worker’s Compensation provides wage benefits and medical coverage to people who become ill at work or are injured on the job. This coverage is mandated by each state, though the benefits can vary from one state to the next. This is considered a social insurance plan because it relies on a social contract between management and labor. Workers Comp is purchased by businesses, underwritten by insurance companies, and is sometimes underwritten by publicly supported state funds.

Workers’ Compensation Insurance Definition

This type of insurance policy provides medical expenses, rehabilitation costs, lost wages, and can also provide death benefits to families of employees who are killed on the job. Employees who are injured or become ill can utilize Worker’s Compensation benefits.

How Does Workers’ Compensation Insurance Work?

Designed to protect both employees and employers, specifically if an illness or accident arises while on the job, workers' compensation has different rules and regulations in each state. These rules and regulations must be followed to ensure proper coverage will be provided. Those who are filing claims for workers' compensation insurance can only file if their injury or illness is caused by their work duties. This can include injuries related to slips, falls, strains on the body from heavy lifting, or accidents while operating motor vehicles or other machinery.

How Is The Cost Of Workers’ Compensation Insurance Determined?

Many variables are utilized by insurance companies to determine rates. Using statistics, the risk of certain groups of workers is determined. This is combined with the loss history of an individual business and other variables to determine the premiums the company will pay.

Description Class Code Rate per $100 Annual Pay Cost/employee Admin Fee*
Clerical/Office 8810 $0.12 $28,000 $33.60 $250
Landscaping 0042 $6.94 $36,000 $2,498.40 $250
Retail Store 8017 $1.33 $30,000 $399.00 $250
Medical Office 8832 $0.30 $40,000 $120.00 $250
Restaurant 9082 $1.50 $30,000 $450.00 $250
Painter 5474 $8.99 $32,000 $2,876.80 $250

Who Is Required To Carry Workers’ Compensation Insurance?

The vast majority of states require businesses with employees who are not owners to purchase workers' compensation coverage for their employees. For businesses that fail to provide this coverage, there can be severe penalties and other costly repercussions. In some cases, a company may need to pay for claims out of pocket, and other penalties like fines and possible imprisonment can be administered. In some circumstances, companies can lose the right to conduct business in the state.

How Workers’ Compensation Claims Work

People who are injured on the job must visit a healthcare professional immediately if they are looking to file a worker's compensation claim. A doctor will provide medical reports to support any claims that are made. After this, employees begin the process of filing claims with their insurance company. At Fontana Trucking Insurance, you can compare prices from a wide variety of companies.

How Do I Get Workers’ Compensation Insurance?

Comparison-shopping at a wide variety of companies has massive benefits. At Fontana Trucking Insurance, you can get free quotes from a range of companies to find the best policy to suit your needs, as well as the best prices. Use the forms on this website, or contact Fontana directly to get started.

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