Workers' Compensation Insurance
What You Need to Know About
Workers' Compensation Insurance
Since 1956, RJ Ahmann Company has been a premier provider of workers' compensation insurance nationwide.
Should your business be protected by workers' compensation insurance?
Workers compensation insurance is required by law for most employers in most states. Workers' compensation represents a huge exposure for most businesses. In fact, many businesses spend more than 50 percent of their insurance dollars on workers' compensation insurance. Therefore, proactive risk management is critical. By finding an expert insurance partner, implementing safe workplace practices and proactively managing claims, you can significantly reduce future premiums and impact your bottom line.
Which businesses should have workers comp coverage?
If you're a business owner and have employees, you need workers' compensation insurance. Every state has workers' compensation statutes that you must conform to as a business owner. Even if your state provides business owner exemptions from the workers' comp insurance requirement, you're not exempt from liability. Going without coverage could be costly for both you and your employees.
Though workers' comp claims have declined by 15 percent in recent years, the length of time before employees return to work has steadily increased. Claims involving more than 30 days away from work increased by 15 percent.
- Bureau of Labor Statistics
How does it work?
The workers' compensation insurance system is a no-fault method of paying workers temporary disability payments to offset lost wages, and permanent disability payments to compensate for any permanent loss of ability that occurs during the course and scope of employment. Work comp insurance also covers injured workers' medical costs. Workers' comp policies include two types of protection – workers' compensation and employers' liability. The workers' compensation element covers employee claims and the employers' liability element covers situations when you're sued by people other than the injured worker for work-related injuries. For example, if you are a general contractor and an employee of a subcontractor falls through a hole at the jobsite, the injured worker will have work comp coverage through the subcontractor's insurance company. However, the subcontractor's insurance company may subrogate against you to recover damages.
Could your business survive a work-related injury?
Accidents happen. Whether an employee is careless or there is unsafe equipment, on-the-job injuries, illnesses and fatalities occur. Imagine if one of your employees falls and injures his spine. There would be costly medical bills and lost wages while the employee heals. The benefits that your employee is eligible for are proscribed by statute. Workers' compensation insurance can help protect your business and protect your employees' livelihoods.
A smart solution
If you need a workers' comp insurance quote, or if you just want to learn more, RJ Ahmann can help. Our Minneapolis agency offers competitive workers' comp rates by accessing all major markets and demonstrating cost-saving methods. Our workers' comp experts will help you obtain comprehensive, cost-effective insurance coverage – tailored for your business's unique needs.
RJA will help you...
- Attain affordable workers' compensation insurance policies in all states.
- Implement proactive safe workplace strategies to control your costs over time.
- Validate your experience mod so you receive accurate underwriting and do not pay more than you should. We use the same software that's used by NCCI and local rating bureaus.
- Compare your loss experience to industry averages so you can identify poor performance and stop operating at a competitive disadvantage.
- Think through the process if you do business in a state with a mandatory state fund, such as Washington and North Dakota.
- Avoid fines by understanding the legal and regulatory requirements of doing business in other states – even on a limited basis.
- Access a full range of funding alternatives, from guaranteed cost to self-insured.
- Save money by transitioning to a loss-sensitive program if and when it becomes a smart option for your business.
- Evaluate the reserves of open claims and advocate for action or closure when needed. This alone saved one client $500,000 in one year!
- Achieve favorable claim outcomes by working with you through every step of the claims process.
Rapidly growing businesses may face significant workers comp insurance exposures, whether caused by workers living in states other than where your business is domiciled or extensive use of subcontractors. If your fast growing technology company faces these challenges, allow RJA to design a custom
IT consultant insurance program for your business.
Ready to Learn More? RJ Ahmann is Ready to Help with Solutions for Workers' Compensation Insurance!