related policy (Employers Liability Insurance) extends coverage to third
parties, such as visitors or customers, who are injured on your property,
or by you or your employees away from the premises.
Compensation Insurance benefits will reimburse employees who become ill,
injured, or disabled on the job for:
- Medical Expenses — with no time or dollar limit on an “open claims” basis. Loss of Income (after a waiting period) — provides the employee with a percentage of their income, up to a specified amount, for disability (permanent or temporary, partial or total). Death Benefit — pays a specific amount, usually a multiple of the employee's weekly salary. Rehabilitation — pays for retraining an injured employee for another position (for example, teaching an assembly-line worker to do a desk job).
- Second Injury Fund — compensates employees whose earlier injuries make them more susceptible to another accident.
Workers Comp Insurance Premiums
the business owner/employer, you'll pay premiums based on a rated percentage
of your payroll. Your rating will change once a year, depending on a combination
of: (1) the loss experience of your business (“experience rating”) — the higher your losses, the higher your premiums; and (2) your loss experience compared with that of other employers in the same business (“experience modification”). This rating system gives businesses a powerful financial incentive to curb work-based risk exposures through comprehensive safety regulations and programs.
Some businesses offer their employees “seamless” coverage that provides reimbursement for illness and injuries that are either job-related (through Workers Compensation) or non-occupational.
Because Workers Compensation Insurance does not cover you as an employer,
we'd recommend that you look into special “Occupational Disability Income” insurance
that will reimburse you for illnesses and injuries incurred around the