Workers’ Compensation (WC) insurance is an employee benefit required by law, which varies by state and covers injuries & diseases at work regardless of fault. Some exclusions do apply like self-inflicted injuries, intoxication and war. In most cases WC serves as the “exclusive remedy” for workplace injuries protecting employers from lawsuits.
Protection that works
Provides medical and compensation benefits for work-related injuries
Protects both employers and employees from financial loss
The benefits include medical payments, lost wages (based on a formula), impairments like loss of an arm, vocational benefits like occupational counseling or retraining, and survivor benefits. If an employee is released from a physician and can do some alterative work the employer can offer a return to work program (office work vs. a shop job).
Experience rating and an Experience Modification (emod) for most states is provided by the National Council on Compensation Insurance (NCCI). Eligibility for experience rating varies by state, is dependent on many factors including the amount for premium paid annually. Basically, this modifies your WC premium to be in line with claims paid on your employees. If you have a lot of claims you might have an emod of 1.2; and if a few claims the emod may be .8; these are multiplied by your annual premium to adjust for your organization’s claims experience.
So, WC coverage is mandatory; required by law in most cases and coverage is statutory meaning that benefits are outlined on a state-by-state basis.
The Taylor Wells Difference
Personal support
We are in a unique position to provide the absolute highest level of personalized service to each of our clients
More than 20 years of experience
Our broad range of experience allows us to provide clients with exceptional advice and help identify risks and coverage
Full-service Agency
We offer a diverse range of insurance solutions, and we help to protect homeowners, business and everything in between
Relationships are important
At Taylor Wells Insurance, we believe that relationships are built upon trust, integrity and a higher level of service