Workers Compensation Insurance

What is workers compensation coverage? This provides coverage for employers and employees for injury occurring on the job.

What does it Workers Comp. cover? Medical costs, disability benefits - these vary from state to state as respects to limits on disability costs.

Can we exclude certain individuals from workers compensation coverage? Corporate officers which are considered employees can be excluded if requested, Sole Proprietors, Partners and Member/Managers of an LLC are excluded automatically - they can be added by request.

Am I required to purchase Workers Compensation? Each state establishes this requirement which is based upon the number of employees. As an example, a corporation with 2 officers and 3 employees would have 5 employees counting corporate officers. NC requires businesses with 3 or more employees to purchase coverage.

What is Employers Liability within the Workers Compensation coverage? This is part B of the contract provides employer with liability coverage in event an employee or their family brings suit against an employer where the employee or family felt they were put in a known dangerous situation which led to their injury or death.

What is the basis of my premium? Payroll amount.

Are all Worker Compensation policies priced the same? No there is a wide variance in how this product is priced from carrier to carrier. Discounts are based on industry, number of years in business, possible safety programs and losses.

What is an Experience Modification Factor? Multiplier factor based upon loss history and frequency of losses over a three year period. Can either be a debit or credit factor.