Posts From October, 2022

The Largest Wworkers Compensation Providers

In 2021, the amount of coverage for workers compensation was more than $52 billion. As a result, the largest workers compensation coverage providers paid out more than $22 billion of that amount. Below, we have listed the largest workers’ compensation providers.

Travelers Insurance

As a global carrier for insurance, they provide a range of insurances and coverages in almost every state. The states where Travelers is not offered include Wyoming, North Dakota, Washington, Alaska, Ohio, and Hawaii. Some of the brands owned by Travelers include USF&G and St. Paul Fire & Marine. Besides a big provider in workers’ compensation, Travelers is also a big provider of property and casualty insurance.

Hartford Insurance

With Hartford, they are able to provide millions of small businesses with insurance coverage. The workers’ compensation includes a medical provider who is a part of a  preferred network.. Hartford also provides several health programs such as pay-as-you-go, prescription drugs, and needle stick reimbursement. All Hartford clients will also obtain program benefits to help keep employees healthy.

AmTrust Financial Insurance

At AmTrust Financial, they provide small business insurance that focuses on workers’ compensation. The coverage provided suits artesans, medical professionals, restaurants, hotels, schools, wholesale stores, and retail establishments.

Zurich Insurance

Also known as Zurich Insurance Group, Zurich Insurance offers many insurance policies within many countries. Their policies covering workers’ compensation  provide a worker with complete access to managed care and programs designed to get workers back to work and recovery services

Chubb Insurance

As a large provider of insurance, Chubb operates nationwide and provides a number of coverages including workers’ compensation. The workers’ compensation covers all business types and any excess to cover losses that are predictable or catastrophic in nature.

Liberty Mutual Insurance

As a global provider of insurance, it is no wonder that Liberty is able to provide workers’ compensation while also assisting employees with medications relating to injuries sustained on the job. They also take the pain out of expenses and allow quality care to be accessed through the provider network they work with.

Liberty Mutual Insurance is also the owner of many other brands of insurance providers such as Golden Eagle, Safeco, and Ironshore.

Berkshire Hathaway

As a huge provider of insurance, such as workers compensation, Berkshire Hathaway offers insurance through their smaller insurance providers like Berkshire Hathaway Homestate. Along with the workers’ compensation, Berkshire also offers assistance with service teams that are in-house and programs designed to help employees return to work. Many popular insurance providers are also under Berkshire, such as Three Insurance and GEICO. There is also Berkshire Hathaway GUARD, which provides SMBs with coverage. Outside of business insurance, Berkshire also provides many other coverages associated with a business.

Conclusion

Having a number of great options for workers’ compensation providers is great and as a business owner you can take advantage of many other coverages that your business would benefit from. If you need any clarification concerning the above providers, give us a call today to go over them.

  • Posted on: Oct 28 2022
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What Impacts Workers’ Compensation

Having workers’ compensation is required by law if your business has employees. Having this type of insurance will keep the employees protected in case of any accident or injury taking place at work. If workers’ compensation is not obtained by the employer, then there may be a good amount of repercussions if the company fails to comply, such as being fined daily until compliance is met.

When it comes to your workers’ compensation premiums, there are a few points to keep in mind concerning the premium you pay. By having a clear understanding of each will assist with keeping costs low. Below are the most common things that can have an impact.

The Company’s Experience Modification

This modification is a calculation that the state makes that is based on the history of claims made. This figure includes historical losses that are utilized to have the performance of the company determined.

The average of the industry is 1.0. When it is any higher, then the premiums you pay will be higher.The good thing is that you are able to achieve a lower factor in order to achieve a lower premium seen as a discount. When you’re above 1.0, you will be paying a 10% increase.

Company Payroll

The payroll’s size and employee classification impacts the workers’ compensation premiums directly. In order to be as accurate as possible, a payroll audit needs to be submitted once a renewal of policy is made. If not, then a penalty will be assessed for non-compliance.

When an audit shows that you had a higher  payroll, then the difference will need to be paid to cover the previous revelation. The company may view this as being burdensome, but when the audit is finished, a refund of the premium amount will be provided. Although this may seem attractive, it is a better idea to have the money available whenever you need it.

Decreasing the number of Workers’ Comp Claims

In order to enhance your modification and keep premiums low is to keep the number of workers’ compensation claims down. Regardless of your business, there should be a program in place that helps to prevent work-place injury.

Managing Claims

When a claim is submitted, it can be managed to alleviate the impact on the company. This management can be a game changer. A good example of this is when an injury takes place and the employee returns to work within three days, then the modification will be lower than if there were more than three days involved. When the worker is unable to return to their normal work routine, then they can take on tasks that are lighter than usual while they are recuperating.

If an absence lasts for three days or more, then the modification will be fully impacted, and have a huge effect on the premium payment. It is a good idea to work with the employee’s doctor so that return-to-work can be determined.

Conclusion

When the premiums of workers’ compensation are calculated, the above factors can have a huge influence on it. By keeping on top of the claims and preventing them from happening will ensure that your premium is as low as possible. When you are ready to see how your modification can be impacted, get in touch with us today.

  • Posted on: Oct 15 2022
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