Workers Compensation Insurance

What is Workers Compensation Insurance?

Workers Compensation Insurance is state mandated insurance that is designed to give employees compensation for work related injuries and illnesses.

The amount of mandated coverage is set by state law, and varies from state to state. This why it is important to know the different laws in each state you are currently working in, or hope to expand to.

In most situations the injured worker can claim benefits regardless of who is or was at fault for the injury or illness. Because of the workers compensation benefits employees usually lose the right to sue the employer for damages from the injury or illness. There are exceptions for intentional and malicious acts by the employer.

Here at Fuhriman Insurance, we have a specialist in workers compensation that reviews our client’s policies for errors in the reporting of information to the National Council on Compensation Insurance (NCCI). NCCI is a private company that tracks the workers compensation loss information of each company in the majority of states. NCCI releases an annual premium modifier that will increase or decrease your premium according to your individual losses. This data needs to be reviewed annually in order to catch any mistakes that could change your premium.

The NCCI also defines the class code categories that your employees duties fall under and rates for each such class code. We review our clients class code classification and on many occasions have found employees incorrectly classified and when placed in the correct code, we have been able to save our clients money.

Give us a call and see what our workers compensation specialist can do for you.