Is a Workers' Comp Self-Insurance Program Right for Your Company?

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Workers’ compensation self-insurance programs are risk management techniques where a firm sets aside a pool of money to provide for any unexpected losses that occur. This is done instead of purchasing a third-party insurance program, also known as a fully-insured plan. So, instead of paying worker’s compensation premiums, that money is earmarked for this special fund to pay for any claims that are incurred.

There are different types of workers’ comp self-insurance available to your company.

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Topics: Workers' compensation, commercial insurance

A Look at the Workers' Compensation Marketplace

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A business owner’s workers’ compensation insurance requirements will vary by state, by industry and by the size of the company. The following list details the sources where a contractor can secure these benefits.

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Topics: Workers' compensation, workers' compensation marketplace

Breaking Down Workers' Compensation Premiums

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Workers’ compensation insurance provides employees with lost wages, medical treatment and death benefits (to employee’s families) for job-related accidents or injuries. It is frequently a construction company’s single most expensive line of coverage. Let’s look at how your workers’ compensation premium is calculated and what you can do to keep your cost as low as possible.   

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Topics: Workers' compensation, commercial insurance, workers' comp premium

How to Prepare for Your Workers' Compensation Audit

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Workers’ Compensation policies are written with premiums based upon your company’s payroll estimate at the beginning of each policy period. At the end of the policy period, your insurer will audit your payroll records to obtain your actual payroll numbers. 

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Topics: Workers' compensation, payroll, workers' compensation audit

3 Facts About Workers' Compensation You May Not Know

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If an employee gets hurt or impaired due to their work, Workers’ Compensation provides coverage. Workers’ Compensation protects the most valued assets of a company- your employees. Below are 3 facts about Workers’ Compensation that you need to know!

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Topics: Workers' compensation

6 Benefits to Workers' Compensation

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Workers’ Compensation is a form of insurance that provides wage replacement and medical benefits to employees injured in the course of employment. Below are 6 benefits on why having Workers’ Comp insurance is important!

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Topics: Workers' compensation

Changes to California Workers’ Compensation Premium Assessments (Part 2)

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Last week TSIB discussed California’s Workers’ Compensation Premium Assessments, specifically what they are and where to find them in your insurance policy. This week, we will share how the rates will affect your company.

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Topics: security, Workers' compensation

Changes to California Workers’ Compensation Premium Assessments (Part 1)

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New Legislation

In November 2017, the California Department of Industrial Relations issued a notice to “All Insurers Authorized to Transact Workers’ Compensation in California” which explained the 2018 workers’ compensation (WC) premium assessments. The new rates increase the total cost of WC for employers.

Most employers overlook their premium assessments listed on their insurance policy. Why? Let’s take a step back to understand what “premium assessments” are and how they affect WC costs.

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Topics: construction insurance, Workers' compensation

Lower Workers' Compensation Rates Expected in 2018

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Workers' Compensation insurance rates are expected to go down in several states this year. Improvements in workplace safety are a major contributing factor for the lower rates, with around 36 states seeing a decrease in rates last year. 

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Topics: EMR, Workers' compensation

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