Workers Compensation Insurance provides benefits for independent contractors and employees of companies within the United States. Coverage includes wage reimbursement (full or partial), medical and rehabilitation services and, in the event of a fatality, death benefits for surviving family members. The eligibility requirements, compensation and claims procedures are different for each state. If you are starting your own business, read on to learn how to obtain Workers Compensation insurance.
Contact a commercial insurance agent who has experience with Workers Compensation coverage. Check your local Yellow Page listings, or ask for a referral from one of your business contacts. You can also obtain quotes for coverage online.
Gather pertinent information about your company, including the number of employees, company description, any safety practice and procedure checklists, pictures of the facility and employee handbooks or operations manuals.
Shop around for the best coverage at the best price. If your business is new, rates will be higher until you've established a claims history. Premium is based upon every $100 of payroll and vary by the type of company and type of jobs that employees hold. Each carrier can use different factors when rating Workers Compensation coverage.
Research your state's Workers Compensation laws (see link in Resource Section). Follow the laws of the state where operations are based.
Choose a carrier and purchase your Workers Compensation policy. Follow any underwriting requirements, and provide updates when new employees are added or others leave.
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