Thursday, October 13, 2016
The Basics of Worker's Comp
Workers’ compensation insurance is regulated by each state while rules regarding the business obligation can vary quite a bit. Most states allow a company to purchase from a number of insurance companies, including state run funds, to meet the statutory obligation. But a few monopolistic states such as WY, ND, WA and OH require a company to purchase their workers’ compensation insurance only through a state fund and will not allow private insurance. Companies in Texas are not required to purchase workers’ compensation insurance, but instead are allowed to “go bare.” If a TX company does not elect to carry workers’ compensation insurance, the company is responsible for the payment for any workers’
compensation injury or illness.
If a company is large enough, many states allow a company to self-insure. The requirements to self-insure vary from state to state.
If you have an average workers compensation premium of $50K or above, you should know that over 70% of all companies have been or are currently overcharged for their workers’ compensation premiums.
To find out if this includes your USA company, visit here now.