Workers' Comp Basics
The simple glossary of small business insurance terms
Small business owner? Here’s the insurance terminology you need to know. (Clear explanations. No insurance speak.)
Workers' Comp Basics
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Workers' Comp Basics
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What do I need to do before renewing my workers’ comp policy?
Okay, you’re coming up on your workers’ comp renewal date. Here’s a handy list of things to do (and think about) to make the process as stress-free as possible.
What is a workers' comp audit and what do I need to know?
A workers’ comp audit is an end-of-year process that makes sure your business paid the correct amount for workers’ comp. During an audit, your insurance provider will double-check your payroll and other records and, if necessary, adjust the price of your workers’ comp for the previous year.
How do I buy workers’ comp insurance for my company?
Here’s the general process for getting workers’ comp for your business: Get a broker; Fill out an insurance questionnaire; Provide supporting documents (payroll records and other.
How do I change my workers’ compensation insurer?
Switching to another workers’ compensation insurer is pretty simple. Here’s how the general process goes: 1. First, check your current workers’ comp contract.
What does workers’ comp cover, anyway?
Workers’ comp covers any injury or illness related to an employee’s job. For example, an employee can claim workers’ comp benefits if they hurt their back while lifting a heavy object at work
What are workers' comp limits and what do I need to know about them?
A lot of business owners panic when they think about purchasing insurance, because they think they’ll have to make a lot of decisions about financial limits and deductibles.
How do I get lower rates on my workers’ comp insurance?
First things first. Let’s talk about how workers’ comp is calculated. Workers’ comp rates are calculated primarily from the size of a company’s payroll. As payroll goes up, so does.
Why do I need workers’ comp insurance?
You need workers’ comp because it is required by law just about everywhere. Without it, your business could face fines, penalties, and a potential lawsuit.
What is workers' comp insurance? How does it work?
Workers’ compensation insurance is a policy that protects your employees in case they are ever hurt on the job. If your employee gets injured or sick because of their work, workers’ comp insurance will cover things like wage replacement and medical expenses for the injured person.
What do I need to know about workers’ compensation insurance?
Great question. Here are a few things we think every business owner should know. 1. Workers’ comp isn’t optional. It’s required just about everywhere.