Workers Comp Insurance For All Of Georgia
Workers Compensation Is Assurance For Employer & Employee Alike
If you’re a business owner, it’s important to have the appropriate insurance protections in place if an employee is injured on the job. Trying to obtain workers compensation coverage after the fact simply will not work. In other words, you need to be covered in advance. That’s exactly what a proper workers compensation policy does: It ensures that an injured worker’s medical and financial needs are taken care of when accidents happen.
What Is Workers Comp? Who Needs It?
Workers compensation insurance spreads and shifts the risk for on-the-job employee injuries from employers to insurance providers. Doing so protects the business from work-related claims and legal exposure. Business owners can breathe easier knowing employees will be properly cared for if an accident happens without posing a threat to the company’s profitability or to its solvency.
And workers compensation provides reimbursement regardless of who’s at fault for an on-the-job injury. If the injury occurs during the normal scope of normal job duties, workers compensation will pay all applicable benefits.
Workers’ Compensation Insurance Is Required By Law In Almost Every State. Each State’s Rules And Requirements Vary Significantly.
There are also several factors in how workers’ compensation premiums are calculated and the factors and the formula in which they are determined:
Factors Of Workers’ Compensation Premiums:
- Size of the employer’s payroll
- Employee job classifications
- Experience Modifier(referred to as your MOD and it is a numeric representation of your company’s claim experience)
Premiums For Workers’ Compensations Insurance Are Calculated By The Formula Below:
Payroll (per $100) x Classifications Rate x Experience Modifier = Premium
What Does Workers Compensation Cover?
Workers Compensation covers several expenses related to a worker’s recovery from an on-the-job incident:
- Lost-time payments
- Medical care reimbursement
- Rehabilitative services payments
More Information About Workers Comp
For more information regarding Georgia Workers Compensation rules & regulations or to file a claim, you can visit: https://sbwc.georgia.gov/
