Premium workers compensation insurance offers? Workers’ compensation insurance is also known as workers’ comp or workman’s comp , brings your employees advantages if they receive a work-related illness or injury. These advantages can help: Cover their medical costs, substitute most of their lost earnings if they take time to heal, offers disability income, pay for their own funeral if they lose their life. Workers’ comp has many benefits for you, as a medium business owner. If your hurt in an accident employee or their family sues your comany or business, it can help cover your legal costs.
Always perform a pre-employment background check. If you want to avoid hiring a workers’ compensation claim waiting to happen, someone with a worker’s compensation injury record, then always conduct a pre-employment background check. According to a Society for Human Resources Management survey, HR professionals report that nearly 100 percent of their companies perform background checks for new hires. You want to be sure the information is reliable and you are abiding by both federal and state laws. In some states, such as California, the state law is more comprehensive than the federal requirements. Your background check report should include credit records, social security number, educational records, driving records, criminal records and Workers’ compensation. It’s more than worth the investment. The cost of performing background checks is more than worthwhile if it helps avoid just one workers’ compensation claim. Workers’ compensation fraud is personal. It’s no different than someone taking money from your bank account or stealing your equipment or inventory. When it comes to workers’ compensation fraud, your business is clearly the victim. Because you have the most to lose, it’s up to you to stop it.
Workers’ Compensation Insurance ways of work: If one or many of your employees receives a work-related (happens during work time hours) injury or illness, our premium workers’ comp insurance can greatly help them , for all steps of their recovery. We’ve created programs to support and help small businesses. We’re here to try promote your employees’ safety, functionality and well-being, and to get all your injured employees, no matter the problems, back to work as soon it as possible.
The cost of workers’ compensation fraud comes out of your pocket. The first step is to recognize who pays for workers’ compensation claims. If you think it’s the insurance company, you’re dreaming. It’s the employer who foots the bills. To set the record straight, workers’ compensation isn’t insurance. When you have a claim, the insurance company advances you the money to pay it. Then, your Experience Modification Factor goes up and you are charged an additional premium for a period of 3 years. The story only gets worse if a claim is fraudulent. To cover all the expenses involved in any claim, including a fraudulent one, your Experience Mod goes up and your premiums go up accordingly for, once again, 3 years. It also is worth pointing out that when the insurance company advances the money to pay your claims, you are charged interest on the “loan.” The first step in dealing with workers’ compensation fraud in your company is to understand that you’re the one who pays the piper. Find more info on Workers Compensation Insurance.
You must file your claim within the statute of limitations! Filing a workers’ compensation claim requires that you report your injury to your employer within 30 days of becoming aware of the condition. Your employer will give you a DWC-1 claim form, which you’ll need to return to your employer, who will then submit it to the workers’ comp insurance company. The statute of limitations for filing a workers’ compensation claim in California is one year from the date of your job-related injury or illness. If you do not file a workers’ compensation claim within a year of becoming aware of your injury or illness, you may lose your right to file at all.