In case you are in the kind of service that is mandated by state guidelines to obtain workers compensation benefits, this is something to take seriously. In many states, notably California and Florida, companies are getting closed and owners prosecuted criminally for failing to carry this sort of insurance. In most states you require it if you have one or more employees - California being on the list of few that really needs it even for one-person businesses.
In most states you can buy an insurance policy from a workers' comp insurance company; however in five states (ND, WV, WA, WY, OH) you should obtain coverage through that jurisdiction's state-operated fund. These state operated funds are called "monopoly state funds."
Observe that thirteen states maintain state funds which take on private insurers. So in those thirteen, you can buy your policy either from a private insurance company or from the state fund (CA, AZ, MD, CO, ID, MI, MN, MT, NY, OR, OK, UT, PA).
If for whatever reason your company is discovered to be especially risky, you will need to get your insurance from a so-called "assigned risk" fund, and it costs somewhat more. Workers' compensation is regulated primarily by the states (and Washington DC) so there are 51 separate sets of rules which govern benefits, premiums, and coverage. However, a so-called "rating bureau" referred to as the National Council on Compensation Insurance (NCCI) is rolling out a manual used by many states to manage how insurance companies calculate your rates. NCCI states rely almost completely on this manual, while some other states have formulated their own manuals. For instance, Nevada sticks closely to the NCCI manual, whereas California has created its own manual.
Workers' comp policies usually appear complex and abstruse to the uninitiated. Furthermore, you can't rely completely on your insurance agent to decipher the technical terms, options, and requirements - remember, he/she has a vested desire for selling you as expensive a policy as you possibly can. So if your premiums turned into fairly considerable, it's a wise idea to have your policy reviewed by a lawyer with workers' comp experience or a consultant dedicated to this field.
For instance, you might ask whether you must use a guaranteed-cost policy (a policy whose premiums stay the same regardless how many claims you file) or a loss-sensitive plan. The latter alternative will trim your costs but increase your exposure.
The basic formula nearly all insurance carriers utilize to calculate your policy is to multiply a rate times hundred dollars of payroll. But what is this "rate"? Where does it originate from? It is in accordance with the classification of your company's type of work performed. It's always to your benefit to be in a somewhat "safe" classification, such as janitorial work, rather than a more injury-prone classification, such as mining. Experts warn that you need to be vigilant that the insurance agent doesn't mis-classify your company - such a "mistake" can potentially double your premiums.
Furthermore, insurance companies inevitably apply an "experience" element to your premiums. This is a circumlocution for a multiplier calculated on such basis as your company's claims history. The more or larger your claims, the greater the experience factor.
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Well I hope I have help point you in the right direction for your business and your needs for GA Workers Comp Insurance or GA Workers Compensation.
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Tips Guide On Workers' Compensation
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