Managing workers' compensation insurance costs can be tricky. You want to protect your employees while still keeping premiums as low as possible. Of course, avoiding accidents is the surest way to save money on coverage. But if an accident does happen, and they inevitably do, you need a carrier who will be there, working to get your injured workers appropriate medical treatment and managing their claims so they can get back to work quickly and safely.
Workers compensation is a “no fault” system where employees that are injured on the job and in the course of employment. Failure to meet your workers’ compensation coverage requirement can leave your business exposed to both the full costs of workers’ compensation claims (through litigation) and additional regulatory penalties levied by the states, which can be severe.
Part Two of the workers compensation policy, Employer’s Liability, is often overlooked, yet a very important exposure for businesses to consider. Employer’s liability fills the gap between the narrowness of the workers’ compensation policy and exclusions in the commercial general liability policy.
Employers liability protects the employer from the employee, family member, or another entity seeking damages from the employer. In order to seek damages, the person must prove: 1) there was a duty owed to injured individual; 2) the duty was breached by the employer; 3) an injury occurred; and 4) the breach of duty was the proximate cause of the injury.
The cost of workers’ compensation insurance is determined based on a business’ risk classification rate and its individual payroll. This is where Regnier Insurance can be an invaluable partner. We help our policyholders contain the costs associated with workplace injury or illness through our Claims Management, Managed Care Services, and Loss Control. To learn more about Workers' Comp and how to get a free personalized quote, send us an e-mail at email@example.com or call us at 512-448-9928.