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It’s called a lot of different things – workers’ compensation insurance, workers’ comp, work comp, etc. Basically, it’s a program that’s set up to make sure that injured workers are taken care of if they get hurt or contract an illness while they’re working.
The Benefits for Employers
Workers’ compensation insurance protects employers by limiting the amount of liability they have. It puts caps on what can be paid for a work-related injury. In most cases, employers transfer all of that risk to an insurance company. Consequently, they limit their liability and have some predictability built into this relationship.
Workers’ Compensation State by State
Each state has its own workers’ compensation system. That means there are different rules and regulations across the country. Even with all of the differences, there is an abundance of commonality.
However, all of the information can be confusing. Arizona looks at things differently than Utah, and Maine is not similar to Florida. Compliance can be difficult or problematic for employers.
Who needs workers’ compensation insurance?
No matter the state you live in, every employer that has nonowner employees, must carry workers’ compensation coverage.
Insurance Coverage Options
There are a couple of different options for coverage that employers choose from:
- Most companies can go to a private insurance carrier for coverage
- Many states use a state fund or provide a place where employers can go to buy coverage.
- A few states require that you buy coverage directly from the state, fewer than ever before, but there is still a handful that does it that way.
- You can find information about your particular state’s rules and regulations here
How much does workers’ compensation insurance cost?
Workers compensation insurance premiums are determined by what type of work the employee is doing. Hundreds of class codes have been set up that describe the type of work the employee is doing. There is a cost or rate that is associated with each class code. For example, a clerical employee is classified differently than a roofer or someone who is framing an apartment building. The cost for coverage is going to be less for the clerical employee.
A simple way to save money
A simple way employers can save money on their workers’ compensation insurance is by managing their experience rating modification factor (eMOD). Based on the employer’s claim history, each company develops its own experience modification factor. It is a factor that is applied to their premium.
The math is pretty simple, if an employer keeps their claims low, they will have a low eMOD. If they have more injuries and don’t handle claims well, they will have a higher eMod. An emod factor of 1.00 is average. A higher eMod of say 1.20 means that a company would pay the average (rate x payroll) plus 20% more. If a company has an eMod of .90, they would receive a 10% discount from the “average” rates.
Employers can control the cost of their workers’ compensation program by reducing injuries, and managing claims more effectively.
Ultimately, those employers pay less premium than someone who’s not paying attention as well.
Workers’ Compensation is beneficial for everyone
The workers’ compensation system is beneficial to employers because it creates a partnership between insurance carriers, employers, and other service providers like Diversified. As a brokerage firm, Diversified partners together with employers to make workplaces safer. We want employees to go to work and come home in the same condition as they left.
As a result, we want to help them create great workplaces where people can go and feel safe. This includes: use of the correct PPE (personal protective equipment), working with machinery that is guarded correctly, and providing sufficient training so everyone knows how to do their job safely. In the end, the goal is to protect employees, and when we help employers do that, everybody wins.
Industry-Specific Coverage
You may have a tech business with most of your workers in an office or possibly working from home – we have plenty of experience with those type of exposures. We also specialize in harder-to-cover industries like Concrete, Excavation, HVAC, Janitorial, and Auto Repair. This is where we shine and can help you with specialized programs to meet your company’s needs.
Healthcare Industry
Coverage for Your Industry
Diversified is a trusted insurance partner of the healthcare industry. With today’s healthcare workers facing a variety of on-the-job risks such as patient handling and occupational disease exposure to sprains, strains and falls, selecting the right workers’ compensation insurance provider to protect your business and employees is crucial. We are proud of the coverage and collaboration we provide the healthcare industry across our core 10-state western footprint.
Loss Control Services
Diversified and our partners offer loss control services that complement your company’s risk management solutions. We have knowledge and expertise in the healthcare industry and can customize loss control services to meet your unique needs.
Lift Protection: We evaluate patient handling activities including training on proper manual lifting when transferring to different positions or re-positioning, use of mechanical assistance such as Hoyer lifts, team-lift and stretching programs.
Medical Safety: We evaluate controls to prevent needle stick/blood-borne pathogens exposure including proper sharps disposal, universal precautions for handling bodily fluids and hepatitis B inoculations.
Violence Prevention: We work with you to develop a combative patient/violence prevention program including de-escalation training for dealing with patients, family members or friends. We identify potential exposures presented by patients.
Fall Protection: We can assess slips, trips and fall exposures including management of liquid spills, foot protection, closed-toed and anti-skid footwear and special emphasis during winter months including the use of proper footwear.
Training: We provide training on the above hazards with our affiliate partners.
Let’s talk
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Where to find us
Main Headquarters
136 E South Temple # 2300
Salt Lake City, UT 84111
801.325.5000 info@diversifiedinsurance.com
Utah County Office
1064 S North County Blvd #100
Pleasant Grove, Utah 84062
801.325.5000 info@diversifiedinsurance.com