Workers Compensation

Workers’ compensation insurance is a no-fault insurance policy that provides medical cost and lost wage benefits to employees injured on the job. While it’s required by each state, the regulation and administration can differ significantly.  Failure to carry workers’ comp insurance, or meet an individual state’s regulations, can leave an employer exposed to not only paying benefits out of pocket, but also to paying penalties to the state.

Coverage normally includes:

  • Doctor, medical, and hospital bills
  • Lost wages
  • Rehab
  • Long term disability if your employee can’t return to work
  • Vocational training for new job skills if an employee can’t return to their previous position
  • Insurance benefit if an employee dies due to a work related accident.
  • Employer’s liability for coverage in situations where an employer is deemed grossly negligent in an accident

So Who Needs Workers’ Compensation Insurance?

Any business with employees or which use 1099 sub-contractors should carry workers compensation.  Without workers compensation coverage employers expose themselves to providing medical benefits and lost wages to injured employees without the help of an insurance carrier and the cost can cripple a business if an accident is serious enough. Since workers compensation coverage has no limit on claims many companies will pay more for workers compensation than any other insurance policy they carry.  It’s important to manage work place safety and acquire the advice of an insurance professional when it comes to managing work comp costs and issues.

Talk to your Insurance Professional

At Foundation Insurance Group, we have in-depth experience helping our business clients’ work through the complicated maze of workers’ compensation insurance.  We work to find you the right policy at the best price available.  Below are few examples of how the experts at Foundation Insurance Group can help business owners manage their work place’s safety and keep their organizations Total Cost of Risk (TCOR) down; improving profitability.

  • Market carriers which have experience in your industry
  • Provide loss control and safety advice which can mitigate work place injuries, increase employee productivity and reduce the overall cost of work comp and organizational risk
  • Apply for credits which may be available to you in your state(s)(such as drug free discounts)
  • Work with you at audit to ensure proper code assignment
  • Examine alternative sources of workers’ comp insurance
  • Help you examine trends in workplace injuries to identify areas that can be improved

Call us today to discuss your current policy!