This is a general overview of workers’ compensation. State laws vary greatly and they change frequently, so make sure to check the law in your state for information specific to your state. Additional overview resource: Workers Comp FAQ. Workers’ Compensation Basics Chances are if you’re on this website, you’re an employer who’s looking for a …
Get Started
Are All Workers Injuries Compensable?
Here's a checklist to help you determine if injuries are covered by workers comp. Injuries must meet five criteria to be covered: It's broken down like this: If the injured person is your employee, and… The employee has suffered an illness or injury… Which occurred in the course of employment… And arose out of the …
Managing the Workers Comp Process
Workers' compensation cost containment is a specialized field of risk management. This information is prepared by specialists in the field of workers' compensation cost containment. External Factors Affecting Workers' Comp Costs Workers' compensation costs are high because the injury process is not closely managed; therefore, there are too many claims lasting too long. There are …
Who Pays for Workers Comp Insurance?
We often mistakenly believe that the insurance company pays for injury losses and accident costs. This is not true. Although some companies have guaranteed cost insurance where all losses are covered, many companies have deductible coverage. This means that the insurance covers only huge catastrophic losses over the deductible amount, typically $500,000 or one million …
The Hidden Cost of Workers’ Compensation
The true cost of workers’ compensation (WC) includes a lot of hidden cost; the actual cost is much higher than the insurance premiums or benefits paid. An easy way to determine if your risk manager knows his/her job is to ask if they know the indirect costs of the workers’ compensation program. If the risk …
Lower Your Experience Modification Factor
Three factors go into the calculation of your workers’ compensation (WC) premium: The rate assigned to each payroll classification in your business, The total amount of your payroll for each classification, And your experience modification factor. Your workers’ compensation premium is calculated using the formula payroll classification X $100 of payroll X experience modification factor …
Who are the Workers Comp Players?
There are many parties involved in the injury management process: Employer Your company is the employer. An employer can also be referred to as the “insured.” Insurance Broker Your insurance broker understands the risks of your company and obtains insurance to cover those risks in the event of a loss. A broker reconciles problems between …
Where Do I Get Workers Comp Help?
Your company’s workers’ comp costs are skyrocketing out of control! While you are not expected to know everything about workers’ compensation, you should know where you can get the help you need to control those costs – the Workers’ Comp Kit®. As part of the learning process the Workers’ Comp Kit® provides the materials and support needed to successfully implement a Workers Compensation Management …
Workers Compensation Abbreviations And Terminology
Workers Compensation Abbreviations And Terminology Terms Description ADA Americans with Disabilities Act AHI Account Handling Instructions AME Agreed Medical Exam ARE Actual Reduced Earnings ASI Account Service Instructions AWW Average Weekly Wage C/R Causal Relationship or Causally Related CIB Central Index Bureau DOI Date of Injury DOL Date of Loss Dx Diagnosis EE Employee ER …
