WORKERS COMPENSATION INSURANCE
FACTS AND INFORMATION
Welcome to InsuranceSource.com. We specialize in workers compensation insurance and general liability insurance throughout the United States. We offer many workers compensation insurance and general liability carriers to help your business. Our job is simple, we advise you on the workers compensation and general liability insurance solutions available in your state that best meet the unique insurance needs of your business. We represent multiple carriers and assigned risk pool markets, as well as the NCCI (National Council on Compensation Insurance). We look forward to serving you and your business.
Not every employer needs workers compensation insurance. In some states, small businesses with fewer than three to five employees may not be required to carry workers compensation insurance. However, in today’s litigious times you may be taking a huge risk by remaining uninsured. Just because your state may not require you to carry workers compensation does not relieve you of potential responsibility if an injury or death occurs. Unlimited personal and/or corporate financial liability, including punitive damages, can run into the millions!
Another option in many states is self-insuring your company to cover the costs from employee injuries or death. Whether this is a good idea depends on your business, especially your financial state or that of your company. Contact us today to find out more about self-insurance. Workers compensation is priced with the help of the NCCI (National Council on Compensation Insurance). There are approximately 750 workers compensation codes with most states using the same codes, but pricing still varies by state. Workers compensation premiums are calculated based on each $100 of payroll. For example, a low-risk occupation like clerical might cost .37 cents per $100 of payroll. Premiums rise as the risk of a given job increases, such as contractors who may cost about $12 per $100 and even higher-risk occupations like roofers costing as much as $22.19 per $100. If your workers compensation insurance premium is in excess of $5,000, you should have a plan that pays you back a dividend based on your claims history. Our team of workers compensation specialists can assist you in determining what program is best suited for your business.
Employee Leasing and Staffing Companies
Using a PEO or staffing company to obtain your workers compensation may be a good alternative to purchasing your own workers compensation policy. Leasing companies handle your payroll, w-2 forms, unemployment and workers compensation claims. In many cases the down payment required to obtain a new workers compensation policy is high and many new businesses cannot afford the down payment. Another advantage is that you will never get audited because you pay as you go for your coverage. We represent numerous leasing and staffing companies, who in many cases offer deep discounts on workers compensation coverage that cannot be found from standard workers compensation insurance carriers.