Workers’ compensation insurance pays benefits to employees who are injured on the job. In a majority of states, most businesses are required by law to purchase workers’ compensation coverage.
State laws determine what benefits need to be provided by workers’ compensation coverage. However, most states are consistent with the type of benefits are required. These benefits typically include:
• Medical coverage for doctors, hospitals, nursing care, diagnostic tests, physical therapy, medical equipment, travel costs, and other injury related expenses.
• A total or partial reimbursement of wages lost during a temporary/permanent disability.
• Vocational training for workers who must change occupations as a result of their injury.
• Death benefits paid towards the surviving spouse and children of workers who lose their life on the job.
While most states require that workers’ compensation provides these types of benefits, the benefit amounts can vary greatly by state.
A workers’ compensation policy typically has two parts. The first part pays benefits out to inured employees, while the second part is employer liability coverage that protects the insured company from lawsuits by injured workers.
Policies are priced using business type classification codes and payroll amounts. Each different business type is assigned a code by the National Council on Compensation Insurance (NCCI). These codes have varying rates in each state.
We offer a variety of workers’ compensation insurance plans, including captives and pay-as-you-go plans. For a quote today please call us at (516) 629-9049 or email email@example.com today!