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What Are Second Injury Funds?

December 10, 2015 by The Insurance 411Leave a Comment

Second-Injury

More than half of all injured workers have a pre-existing condition, according to one expert. When you have an employee with a permanent impairment who suffers a second injury, you are responsible for compensating only the most recent injury. Many employers fail to realize this, leaving thousands of dollars on the table. More than 20...
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Filed Under: Claims Management   •  The WC Basics   •  Workers' Compensation Insurance

Physician Choice: Whose Right Is it?

December 2, 2015 by The Insurance 411Leave a Comment

Work Comp Doctor Choice

When an employee suffers a work-related injury, workers’ compensation law obligates the employer to pay for medical treatment. Who gets to choose the treating physician—and why does it matter? In some states, the employer gets to choose the physician and all medical providers. This is called a full control program. In this type of system,...
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Filed Under: Regulations   •  The WC Basics   •  Workers' Compensation Insurance

How Insurers Calculate Your Comp Rates

October 14, 2015 by The Insurance 411Leave a Comment

Ex Mod Calculations

Although workers’ compensation may seem complicated, only two factors affect your workers’ compensation costs: your employees’ job classifications and your experience modification factor. Rating bureaus publish rates for hundreds of different job classifications, shown as rate per $100 of payroll. These rates are based on the relative hazards of each occupation. For example, it costs...
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Filed Under: The WC Basics   •  Workers' Compensation Insurance

Employee or Independent Contractor…and Why You Need to Know

August 10, 2015 by The Insurance 411Leave a Comment

Independent Contractor or not

Earlier this year, a court ruled that Federal Express drivers should have been classified as employees, when the company had classified them as independent contractors. And the U.S. Department of Labor announced that a five-year investigation in Utah and Arizona yielded $700,000 in back wages, damages, penalties and other guarantees for more than 1,000 construction...
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Filed Under: Regulations   •  The WC Basics   •  Workers' Compensation Insurance

The Prohibited Acts Doctrine

April 5, 2015 by The Insurance 411Leave a Comment

Prohibited Acts

Under the workers’ compensation bargain, the employer agrees to compensate an employee for any work-related injury or illness…unless the employee was engaged in a “prohibited act” at the time of injury. A prohibited act is an act that the employer expressly prohibits—such as consuming alcohol or using other intoxicants while on the job or on...
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Filed Under: Claims Management   •  The WC Basics   •  Workers' Compensation Insurance

Four Ways Workers Compensation Insurance Differs from Other Insurance

February 4, 2015 by The Insurance 4113 Comments

Workers' Compensation Insurance

Workers’ compensation insurance differs from other types of insurance in several important ways. No annual or per-claim limits. Most insurance policies have annual and (sometimes) per-claim limits. After the policy pays out its maximum amounts, the insured must pay the difference out of pocket. With workers’ compensation, you might pay a per-claim deductible, but after...
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Filed Under: The WC Basics   •  Workers' Compensation Insurance

Retrospective Rating Plans

November 30, 2014 by The Insurance 411Leave a Comment

Retrospective rating workers compensation insurance

Retro rating plans have been around for years. How do they work, and do they make sense for your company’s workers’ comp program? With retrospective rating plans (retros), the final workers’ comp premium paid for the policy year is calculated retroactively, based on the actual losses incurred during the year. The retro is actually an...
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Filed Under: Controlling Costs   •  The WC Basics   •  Workers' Compensation Insurance

When Are Independent Contractors Considered Employees?

October 1, 2014 by The Insurance 411Leave a Comment

independent contractor or employee?

Hiring someone on an independent contractor basis has many advantages for employers. But treating workers like independent contractors when they should be classified as employees instead can cause costly problems. Independent contractors have many advantages for employers. Employers can hire them on a per-project basis and let them go when the project is completed. They...
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Filed Under: The WC Basics   •  Workers' Compensation Insurance

Covering Forgotten Workers with Workers’ Comp

July 29, 2014 by The Insurance 411Leave a Comment

Forgotten Workers Comp Incidents

You might think your workers’ compensation covers all work-related injuries and illnesses. This could prove a costly mistake. In most cases, workers’ compensation will cover work-related injuries and illnesses. But in certain special circumstances—which might apply to your company—the basic workers’ compensation policy will not provide coverage. This could leave your company on the hook...
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Filed Under: The WC Basics   •  Workers' Compensation Insurance

Ex-Mods: The Key to Reducing Workers’ Comp Costs

July 8, 2014 by The Insurance 411Leave a Comment

Experience Modification Calculations

Although workers’ compensation may seem complicated, only two factors affect your workers’ compensation costs: your employees’ job classifications and your experience modification factor (ex mod). Rating bureaus publish rates for hundreds of different job classifications, shown as rate per $100 of payroll. These rates are based on the relative hazards of each occupation. For example,...
Read more

Filed Under: The WC Basics   •  Workers' Compensation Insurance

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