Georgia requires that all businesses with more than three employees, including the owner(s) must have Workers Comp insurance coverage in Lawrenceville, GA. And, The Ephraim Group is here to answer all of your needs. This is a generalized type of coverage that provides the employer and his or her employees with several critical services. Consequently, the state includes all business owners in the total employee count, where this insurance is concerned. Keep in mind that the government can close your business down for not complying with mandatory Workers Comp insurance requirements. From the perspective of Workers Comp coverage, 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.
Workers Comp provides death benefit payments for employees when 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 in Lawrenceville, GA alleviate payment of salaries, which will benefit your bottom line. On some occasions, your company could use that cash 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.
It protects you against a claim for employer negligence. As well, it provides protection from a potential lawsuit when an employee attempts to get benefits after being injured; while working in a non-secure manner.
It establishes 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 occurs when the contractors have the necessary Workers Comp insurance coverage in Lawrenceville, GA. 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 saves you and 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. It is extremely important to review your potential advantages, compared to your potential losses.
Cost of Workers Comp
You can well imagine, in some cases, how the payout for coverage of medical and disability benefits could be very large. Consequently, some Workers Comp insurance policies, in Lawrenceville, GA, can be extremely costly. 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. While The Ephraim Group has provided this information on Workers Comp insurance coverage, in Lawrenceville, GA, it is intended to educate prospective clients and our website visitors. This article in no way implies legal advice for workers compensation insurance coverage. If such data or the verification of specific information is needed, you should contact an attorney that specializes in workers comp insurance litigation.