Most States require that employers provide workers’ compensation benefits to their employees. Worker’s Compensation provides benefits to employees for any injury or contracted disease arising out of and in the course of employment. When an employee suffers an injury, it must be reported to the worker’s compensation insurance carrier. If an employee is unable to return to work due to a permanent injury, the insurer pays to re-train the employee for another line of work. If the employee dies, the insurer pays a death benefit to the employee’s family.
Workers’ Compensation provides coverage for all employees of the business or organization. It can cover the business owner if the business is a corporation, and the owner is actively involved in the business. Sole proprietors are not included in coverage. Partnerships – general partners may be excluded from coverage, limited partners may not be excluded. Non compensated officers of non profit corporations may be excluded from coverage. Non profit corporations that “hire” volunteers can endorse coverage for the volunteers. Another option for many non profit corporations is to obtain a Volunteer Accident Policy for their volunteers.
Workers’ Compensation premium is primarily based on the size of payroll, job classifications and the company’s rates. Claims history impacts the overall premium via the Experience Modification. The Experience Modification is published by the Workers’ Compensation Insurance Rating Bureau of California (WCIRB) in accordance with the Experience Rating Plan and must be applied to the policy premium.
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