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What’s Going on With Workers’ Compensation “Opt-Out”?

What’s Going on With Workers’ Compensation “Opt-Out”?The workers’ compensation system has been around for more than a century, helping both employees and their employers recover, physically and financially, following a workplace injury or accident. Workers’ compensation insurance was created to protect injured employees and their employers from time-consuming and costly litigation resulting from workplace injuries and to implement a system that allows employees to receive benefits while they are being rehabilitated on their path to returning to the workplace.

Supporters of the traditional workers’ compensation system …

Air Ambulances and Workers’ Compensation

Air Ambulances and Workers’ Compensation“Air ambulance” is a term used to describe a type of helicopter that – just like a traditional ambulance – is equipped with medical equipment and staffed by medical professionals. Air ambulances are typically used in situations where quick transport is needed for patients in life-threatening situations. The most commonly transported patients are those with traumatic injuries, heart attacks, strokes, respiratory diseases and pregnancy complications. According to The Association of Air Medical Services, more than 550,000 patients in the U.S.

Recent Updates to New Jersey Workers’ Compensation Legislation

Recent Updates to New Jersey Workers’ Compensation LegislationNew Jersey, like many other states, requires all employers – including corporations and LLCs – to carry workers’ compensation insurance if they have at least one individual that is paid to perform services for the company. Since 1911, New Jersey workers’ compensation law has regulated and provided income and benefits for employees who have been injured or sick due to workplace-related causes. Although this law has been around for over 100 years, it is constantly changing and adapting to meet …

A Workers’ Compensation Primer for Small Businesses

A Workers’ Compensation Primer for Small BusinessesInsurance agents with small business clients should know the importance of a good workers’ compensation insurance program. Workers’ compensation insurance ensures that workers who are injured while on the job are able to get the medical care and wage replacement they need until they’re able to return to work. Regardless of who is at fault in a workplace injury – an employee, the employer or even customers or visitors to the worksite – workers’ comp benefits are guaranteed to the …

Explaining Workers’ Compensation Guaranteed Cost Plans

Explaining Workers’ Compensation Guaranteed Cost PlansEmployers who are seeking out workers’ compensation insurance have several options to choose from. Previously we’ve gone over options such as the retrospective rating plans and large-deductible plans that are both great coverage options for larger employers. Another option that works well for businesses both large and small is the guaranteed cost plan.

A guaranteed cost plan is a traditional type of workers’ compensation insurance plan in which the billed premium is determined at the beginning of the policy …

The Purpose of Collateral in Workers’ Compensation

The Purpose of Collateral in Workers’ CompensationUnder large-deductible workers’ compensation plans, the insurer contractually agrees to pay all claims as they occur, while the policyholder is obligated to reimburse the insurer for all claims that fall under the deductible amount. It provides the same insurance coverage as a traditional guaranteed insurance plan, just with an added special deductible endorsement.

When a company has a large-deductible workers’ comp plan, they are taking on the risk of being financially responsible for paying for all claims up to …

Key Workers’ Compensation Issues in the Healthcare Sector

Key Workers’ Compensation Issues in the Healthcare SectorWorkers’ Compensation insurance risks remain a concern for organizations in all industries, but some risks are exclusive to certain sectors; such as the health care sector. At the beginning of 2018, the health care sector became the number one employer in the United States, surpassing both retail and manufacturing to take the top spot. According to the Bureau of Labor Statistics, five of the ten jobs that will see the fastest growth in the next decade are in healthcare and …

What to Tell Your Clients About Workers’ Compensation Premium Audits

What to Tell Your Clients About Workers’ Compensation Premium AuditsNo business owner likes to hear that they’re being audited. Typically that means spending one of more days having to comb through all of their records alongside an auditor and comes with the possibility of fines or penalties. Premium audits, however, are a normal part of carrying workers’ compensation insurance and are no cause for alarm. Workers’ compensation premium audits simply verify a company’s payroll for the period during which the insurance carrier provided workers’ compensation coverage to determine the …

3 Ways Your Clients Can Reduce Their Workers’ Compensation Rates

3 Ways Your Clients Can Reduce Their Workers’ Compensation RatesFor an employer, workers’ compensation insurance is a necessary cost of doing business. Most business owners want to pay as little as possible, but they don’t understand how the workers’ compensation system works. By helping business owners understand the basic New Jersey workers’ compensation rates as well as the markups that can affect their premiums and how to manage and plan for unforeseen events, agents can help employers control their premiums and even reduce them. Below are a few ways …

Why Workers’ Compensation Treatment Guidelines are Important

Why Workers’ Compensation Treatment Guidelines are ImportantWhile some jobs carry greater risks to safety than others, there is no such thing as a completely “safe” job. Nearly every position and every employee has a potential of filing a workers’ compensation claim at some point. While some larger companies might develop their own policies, many seek out a specialty insurance agency skilled in providing the right policies that protect businesses and their employees from the physical injuries that may happen at work as well as the financial …