Workers Compensation Insurance Specialists: we protect your hard-earned profits! Call today: 800-508-9126
What is the benefit of hiring Work Comp Specialists?
Our specialists have built relationships with many approved work comp insurance carriers, so we can help you find the best carrier to meet your company’s needs. Work comp is not like other business insurance. It’s complicated! Having an agent on your side saves you time and money. We serve as an advocate for the employer to get the best coverage and rate for your company. We also go to work for you managing the claim process and the annual audit. The benefit of having a Work Comp Specialist on your side is invaluable when it is time to renew your policy.
How can you save my company money?
We help you save money by fixing mistakes. We do a thorough review of every client’s Experience Modification (MOD) Rating. More than half of our clients came to us with correctable errors in their MOD calculations. We also have found classification codes that were assigned incorrectly. We fixed them and saved them money! Another way Work Comp Specialists goes to work for clients is through the annual audit. For example, are your company’s officers exempt but their payroll is being included in the formula that determines your rate? We’ll help correct these and other costly mistakes.
What is worker’s compensation, aka worker’s comp?
Worker’s Comp is a type of insurance that protects an employer from being sued by an employee who was injured on the job. It also covers the injured employee’s medical expenses and a portion of lost wages during rehabilitation.
How are worker’s comp premiums set?
The National Council on Compensation Insurance sets the rates for Worker’s Comp. NCCI analyzes data from various industries and sets the rates based on the risks or previous losses per industry.
How much will it cost my company?
There are several cost factors that determine your rate:
1) Company Classification Code – What type of company do you own/operate? What does each employee do? NCCI sets the classification code for companies in various industries (Construction, Hospitality, Automotive, Trucking, Medical, etc.) based on the risks related to the duties each employee must perform. There are nearly 800 classification codes.
2) Experience Modification (MOD) Rating – What are the losses in your industry? What is your claims history? Your company’s MOD rate will depend on the history of claims filed compared to those filed overall in your industry.
3) Employer payroll – How many employees are on your payroll? Once the MOD and classification codes are determined, expect to pay a specific rate for every $100 of your payroll.
4) Annual Audit – In most states, insurance carriers are required to audit their clients’ payroll to ensure coverage and premiums match. The purpose of an audit is to verify payroll, including overtime, tips, and officer’s payroll. This is a critical cost factor that mandates your need to have a specialist on your side.
5) Relationships – Insurance carriers reward companies with returned premium and renewal savings. We summarize your track record to prove your company deserves a high return. Work Comp Specialists has built relationships with many insurance companies that will compete for your business. We are the go-between you and your carrier. That rapport goes a long way when asking for a generous return before you renew.
How does the Experience Modification (MOD) Rating affect my premium?
Your MOD Rating is your report card to the insurance carrier. Your annual audit takes inventory of claims throughout the year, compares them to those across the industry, and determines your rate for the following year. A Work Comp Specialist works alongside you during the audit process and advocates for the best rate.
Who needs Workmans Comp coverage?
Almost every business in the United States that has employees is required to have a work comp policy. Requirements are:
- If you are an industry, other than construction, and have four (4) or more full- or part-time employees, you are required to carry work comp coverage (exception: an exempted corporate officer does not count as an employee).
- If you are in the construction industry, and have one (1) or more employees, including yourself, you are required to carry worker’s comp coverage. An exempted corporate officer or a member of a limited liability company does not count as an employee.
- If you are a state or local government, you are required to carry work comp coverage.
- If you are a farmer and have more than five (5) employees and/or twelve (12) or more seasonal workers who work thirty (30) days or more, you are required to cover them.
Can I or an employee be exempt from workmans comp?
Yes. If you are a member of a limited liability company (LLC) or an officer in a corporation in Florida, you can apply for an exemption through the Florida Division of Worker’s Compensation.
What injuries are covered under a worker’s comp policy?
Under Florida law, work comp is required to cover any accidental injury as well as occupational diseases that arise during the time of employment. Infections resulting from injuries, and death because of injuries, also are covered under the law. Employers must report injuries within the first seven (7) days of learning about an accident.
What is not considered a workmans comp injury?
State law on what counts as a worker’s comp injury varies from state to state. According to Florida law, the following conditions are not considered workers comp, as stated on www.myfloridacfo.com:
- Under Florida law, a mental or nervous injury due to stress, fright or excitement is not covered under a work comp policy.
- A work-related condition that causes an employee to fear or dislike another individual because of race, color, religion, sex, ethnicity, age, or handicap.
- “Pain and suffering” has never been compensable in Florida, nor is it compensable in any other state.
- If the injury is caused by the employee’s willful intention to injure or kill himself or another.
- If the injury is caused by drugs and/or alcohol.
- If the injury or death of an employee is covered by the Federal Employer’s Liability Act, the Longshore Harbor Worker’s Compensation Act, or the Jones Act (if the injured worker is a “seaman” or member of a crew).
- Horseplay and/or fighting.
- Injuries suffered while commuting to the workplace.
What if an employee wasn’t following safety standards?
If an employee knowingly fails to follow safety standards and is injured as a result, the employee still can claim a workplace injury, but their benefit will be reduced by 25%.
Why do I need a plan for back-to-work light duty?
A back-to-work, light duty program allows the employee to come back to work with less physical demands while still recovering from their injury. It brings the employee back to work in a safe environment and keeps the claim down. The more an employer can reduce the claim amount, the less it affects your premium.
Can I be sued by an injured worker?
If workers’ compensation benefits have been made available to an employee, Florida law states that the employee must accept them. Their rights to sue the employer for personal injury are waived. But in the case that an employee believes they should be entitled to greater benefits, he/she has the right to file a petition for benefits. In this case, a judge will determine if the benefits provided are sufficient or if additional benefits not currently provided are required by Florida law.