As a business, it’s essential to financially protect yourself, your property, and your employees with Workers’ Compensation insurance. Determining certain insurance needs may come as a challenge. You must keep in mind specific factors and rules to figure out Workers’ Compensation costs.
According to an article in All Comp Solutions, there are certain factors that determine Workers’ Compensation costs. Here are a few:
- Classification of work. Conventional employers are split into categories, or groups, by the work that they do. This is because it determines which type of work comes with more risk when performing job tasks. For example, a receptionist is at much less risk than a construction employee.
- Payroll. This contributes to Workers’ Compensation costs because it’s the basis for an employer’s Workers’ Compensation premium.
- Employers experience modifier (MOD). This is the quantifiable visual of the company’s claim experience.
It has been noted that Workers’ Compensations Costs are changing. The general trend seems to be that Workers’ Compensation insurance costs are declining. This raises the question of whether or not there is adequate protection for workers with all kinds of injuries.
As of now, Workers’ Compensation costs are lower in most of the country than they’ve ever been in 25 years. It’s no longer fair exchange for workers’ waiving their right to sue over injuries. Keep this in mind when looking over Workers’ Compensation policies.
At World Wide Speciality Programs, we understand that most states require that businesses offer their employees Workers’ Compensation insurance. Furthermore, we provide those policies in case of injuries or illnesses. Some things we cover under Workers Comp include lost wages due to being unable to work, permanent disability, and rehabilitation. We know that you want to protect your employees and you can do that with us. For more information, call us today at 877.256.0468.