Workers Compensation Insurance The Essentials
What exactly is WORKERS Compensation Insurance? It's a contract issued to a business owner which gives them insurance coverage for the costs of work-related injuries for employees. This type of insurance pays the entire cost of an injury to a worker like medical expenses, lost wages, rehabilitation, and death or permanent disability. The benefits offered under a worker' compensation policy are determined by the state's workers' compensation regulatory commission. workers comp lawyer HOW IS WORKERS' COMPENSATION PREMIUM DETERMINED? This is rather simple. The premium is a proportion of your estimated pay roll for the duration of the policy. As the probability of injuries for workers differs based on the type of work they perform and the type of work they do, every business is assigned a particular classification that represents the degree of risk they face in their particular industry. For example, if you own a convenience shop that is open until 11:00 pm,