Every state requires most employers, by statute, to provide either formal workers compensation insurance or post some form of financial responsibility for injuries or sicknesses suffered by employees while in the work-place. The law in each state of employment defines coverage. Every job in America falls into one of hundreds of broadly defined job classifications published by the industry standard National Council of Compensation Insurance (NCCI). Each classification, by state, has an assigned rate per $100 of employee payroll.
The final premium is further modified by the following factors that can include an experience rating, state taxes, and variable rating offered by some insurers that deviates from NCCI suggested rates. Because so many states have their own variations on workers compensation policies, it is important to have an expert who can clarify this complicated area.
Our Insurance Specialist can work with your risk management team to develop the best workers compensation program to meet your needs.
