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Workers’ compensation is a type ofinsurance that provides financial and medical benefits to employees who sufferwork-related injuries or illnesses. It covers medical expenses, lost wages, andrehabilitation costs, helping injured workers recover while protectingbusinesses from potential lawsuits.
Most states require businesses withemployees to carry workers’ compensation insurance. Even if your state doesn’tmandate it, having coverage is crucial to protect your business from costlylegal claims and ensure your employees receive the care they need in the eventof a workplace injury.
Your workers’ compensation premium iscalculated based on several factors, including your industry’s riskclassification, the total payroll, and your claims history. High-riskindustries typically have higher premiums, and businesses with a history of claimsmay also see increased rates.
When an employee is injured on the job,they report the injury to their employer, who then files a claim with theworkers’ compensation insurance carrier. The insurance company investigates theclaim, and if it’s approved, the employee receives benefits to cover medicalexpenses, lost wages, and any necessary rehabilitation.
A workers' compensation audit is a reviewconducted by your insurance carrier to ensure that your premium reflects youractual payroll and business operations. This audit typically occurs at the endof your policy term and may result in adjustments to your premium based on theaudit findings.
The state pool, also known as the assignedrisk pool, is a last-resort option for businesses that are unable to obtainworkers’ compensation insurance through the voluntary market. Companies in thestate pool may face higher premiums, as it’s designed to cover businesses withhigher risks or poor claims histories.
Yes, Titan Risk specializes in helpingbusinesses with complex workers’ compensation needs, including those with ahistory of multiple claims. We work with you to implement risk managementstrategies, improve workplace safety, and potentially lower your premiums overtime.
To get a quote from Titan Risk, simplycontact us through our website or give us a call. We’ll gather some basicinformation about your business, including your industry, payroll, and claimshistory, and provide you with a customized workers’ compensation quote tailoredto your needs.
Titan Risk offers workers’ compensationcoverage in multiple states across the country. Please reach out to us directlyto confirm if we provide coverage in your specific state and to discuss youroptions.