Workers’ compensation insurance protects employees who are injured on the job. While many employees across the United States are appreciative of the benefits of workers’ compensation coverage, some business owners may not realize that workers’ compensation insurance is designed to protect employers as well.
Not Just for Employees
Imagine the risks that employers would face from claims and lawsuits associated with workplace injuries or deaths if it wasn’t for workers’ compensation coverage. This type of insurance shields employers from lawsuits that have the potential to put them out of business. In many states, employers are legally required to have workers’ compensation, even if they have only one employee.
RDS Insurance Brokers verifies job classification and payroll codes with you to ensure your company’s experience modification factor (mod) is correct. This is a variable that has a direct impact on your workers’ compensation insurance premiums. Mod is calculated according to risk and history. Low-hazard companies with low mods tend to pay less in premiums because they have good safety records and report less claims to the National Council on Compensation Insurance (NCCI). On the other hand, higher-risk companies may need to reduce their mod by implementing comprehensive safety measures., helps you implement employee safety programs and designs return-to-work policies that help injured employees get back to work sooner.
To learn more about the services we offer and how we can help you reduce your workers’ compensation premiums, contact RDS Insurance Brokers by calling 800-609-2126 or by filling out the contact form to the right.