Knowledge Corner

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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.

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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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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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All businesses with employees are required to provide Workers Compensation insurance. This requires your company, if it’s not self-insured, to own a workers compensation policy. Despite its necessity, premium coverage costs don’t have to be too costly. If you're not following claims best practices you could end up costing your organization. 

Here are some steps you can take to lower your worker's compensation premium.