Knowledge Corner

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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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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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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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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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For construction companies, an Experience Modification Rate (EMR) is the number that insurance companies use to measure past claims. What does this mean for you?

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If an employee gets hurt or impaired due to their work, Workers’ Compensation can provide coverage. Workers’ Compensation protects the most valued assets of a company—your employees. Continue reading this blog post to learn 3 facts about Workers’ Compensation that you need to know!

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Workers’ Compensation is a form of insurance that provides wage replacement and medical benefits to employees, if they are injured during the course of employment. Continue reading to learn about 6 benefits to having Workers’ Comp insurance and why it's so important!

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An experience modification rating (EMR or Mod Rate) is a strong influencer when determining a construction company’s risk. It uses information from past workers’ compensation claims to determine a company’s chance for future risk. Many construction projects will require companies to have a 1.0 average EMR or lower. 

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Workers’ compensation insurance is valuable for any construction company as it helps cover expensive medical costs and other expenses. However, workers’ comp fraud can occur when a false statement is made or key information is withheld in a claim. Such actions can result in the denial of certain benefits from your workers’ compensation policy, which could leave your company at risk to pay costly claims directly. 

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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.