If you’re a business owner in Georgia, you probably already know that the state requires that all businesses with more than three employees, including the owner(s) must have Workers Comp insurance coverage. The Ephraim Group is here to help you with all your worker’s compensation insurance needs. This is a generalized type of coverage that provides the employer and his or her employees with several critical services.
Not having worker’s comp insurance just isn’t an option. In fact, the government can close your business down for not complying with mandatory Workers Comp insurance requirements. From a Workers Comp coverage perspective, it is important to understand that if subcontractors do not have their own coverage, this is going to be charged against the business owner’s or contractor’s primary WC insurance policy cost.
Depending upon how you hire employees or contract workers, how your worker’s comp insurance is configured can get complicated. That’s why you want to talk to an experienced insurance agent. Call us and let’s help you get the coverage you need at an affordable rate.
Workers Comp provides death benefit payments for employees if they die because of the injuries they have sustained while on the job. It also provides for medical care expenses of injured employees: when on the job at the physical location of the company, at another place, or even when traveling on company business while on the road.
Additionally, it provides comprehensive disability benefits for employees who are injured when performing their work duties. They may have to miss work because of their injuries and their recovery time. (This normally applies whenever employees are absent for more than seven work days consecutively.)
Workers Compensation offers medical benefits as mentioned above. The disability benefits for Workers comp insurance alleviate payment of salaries, which will benefit your bottom line. On some occasions, your company could use that money to hire additional temporary help, in order to get you’re your production level where it needs to be, until the employee(s) returns to work.
Worker’s comp insurance protects your business against a claim for employer negligence. Your policy should provide protection from a potential lawsuit when an employee attempts to get benefits after being injured while working in a non-secure manner.
Your coverage should establish a legal distinction between client and contractor that many clients require. Therefore, the client, or their company, is not usually responsible for medical care and related expenses, should an individual be injured. This is why it is important that all contractors have the necessary Workers Comp insurance coverage whenever they are on the job for your business. This also provides the client with the legal protection necessary to avoiding lawsuits, thereby making this insurance the primary source of coverage.
Workers Comp protects employers from being responsible for employee injury benefits at the maximum rate of $550 per week for a period of up to 400 weeks. This coverage saves your company $220,000 in potential liability. It also protects you against up to $150,000 in potential death benefits, as well. In either case, these types of expenses could threaten the life of a business. This is just one example of how having the right worker’s compensation insurance policy can help save your business in the event of a claim.
Cost of Workers Comp
For most businesses, paying the premiums on worker’s comp is just part of doing business. The cost of having an inadequate policy can cost you your entire business. In some cases, the payout for coverage of medical and disability benefits could be very large. Consequently, some Workers Comp insurance policies can be extremely costly depending upon what type of business you have. When it comes to breaking down the cost of your policy, there are five (5) factors that come into play:
Aging workforce: As Americans, many of us are working well beyond retirement age. Consequently, this can result in paying out additional workers comp benefits when an older person is injured on the job.
Class code: Type of work your employees are involved in. For instance, a roofer gets paid more than an office assistant, because of the job being more hazardous. Plus, there is a greater risk of the roofer getting injured while on the job. Furthermore, there is data and statistics available on the time period of an injured person, as he is recuperating while off work.
Class payroll: Some companies list multiple class codes because of the different types of work being conducted at their job sites or physical business location.
Discounts: There are discounts available for implementing specific employee safety programs; such as anti-drug programs or safety meetings, reviews, and programs.
Expense constant: This would be fees charged for ensuring employees handling and processing your paperwork for the Workers Comp insurance in Lawrenceville, GA.
Expense rating: A surcharge or discount factor, which is based on the history of workers comp injuries and claims throughout your company’s background.
There may be additional factors that calculate the cost of your workers comp policy, as well as the coverage guidelines for your particular business. Let us help you find the right worker’s comp for your business.
The staff at The Ephraim Group in Lawrenceville, Georgia is dedicated to service any of your insurance needs with customized care. We serve Dacula, Duluth, Suwanee, Buford, and Lawrenceville. We are a group dedicated to Gwinnett County, and more! Whether you are looking for personal or business insurance, we are committed to protecting you, your family, and your assets. Call us at (770) 676-6686 to discuss how our affordable pricing, vast choice of products, and exceptional customer service may be of service to you.