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Workers Compensation

	Workers Compensation Insurance
	Not every employer needs workers compensation insurance. In some states small businesses with fewer than three to five employees may not be required to carry workers compensation insurance. However, in today's litigious times you may be setting yourself up for a huge legal bill, unlimited personal and or corporate financial liability, including punitive damages, which could run in the millions. Remember the lady that spilled McDonalds coffee on her lap! Just because your state may not require you to carry workers compensation does not relieve you of the responsibility if an injury or death occurs. Another option in many states is self insuring your company to cover the costs from employee injuries or death. Whether this is a good idea depends on your business, especially your financial state or that of your company. Workers compensation is priced with the help of NCCI. There are approximately 750 workers compensation codes and most states use the same codes but the pricing will vary by state. Workers compensation premiums are calculated based on each $100 of payroll. For example, a low-risk occupation like clerical might cost .37 cents per $100 of payroll. Premiums rise as jobs become more of a risk, with contractors costing about $12 per $100 and even higher-risk occupations like roofers costing as much as $22.19 per $100. If your workers compensation insurance premium is in excess of $5,000, you should have a plan that pays you back a dividend based on your claims history. Employee Leasing and Staffing Companies Using a PEO or staffing company to obtain your workers compensation may be a good alternative to purchasing your own workers comp policy. In many cases the down payment required to obtain a new workers compensation policy is high and many new businesses cannot afford the down payment. Another advantage, based on my experience, is that you will never get audited because you pay as you go for your coverage. USL&H & The Jones Act We have excellent programs for specialty risks requiring this endorsement. Minimum premium for a USL&H endorsement usually start out at $5000.00 plus the cost of the workers compensation insurance. with legislation in place that directly impacts maritime employer liability, there is a perfect storm brewing among the issues of worker’s compensation insurance. Two federal acts, the USL&H and the Jones Act, threaten to expose employers to broad financial risk that is best managed by arming yourself with knowledge.

Please read this disclaimer: This Internet site provides information of a general nature for educational purposes only and is not intended to be legal and or financial advice. We make no guarantees as to the validity of the information presented. Your particular facts and circumstances, and changes in the law, must be considered when applying insurance law. You should always consult with a competent financial planner, attorney, or insurance professional licensed in your state with respect to your particular situation.

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Workers Compensation Insurance