Workers Compensation Insurance is a California mandated coverage that protects you, as an employer, against injuries to your work force. In the event of injury, the coverage will pay statutorily determined benefits for medical expenses, lost wages, and permanent disability compensation. The coverage also includes a modest death benefit. If your employee is unable to return to his/her occupation, your employee may be eligible for supplemental job displacement benefits.
The pricing for your workers compensation insurance is primarily determined on three factors: the type of work performed or classification, payroll and prior loss experience. The insurance company is required to report this information to the governmental bureau overseeing this state mandated insurance plan. If your company is of sufficient size, the state will publish an experience modification factor that will directly impact your insurance costs.
As the scope of workers compensation coverage is the same for an insurer, most buyers tend to focus on price. However, it is equally important to recognize the value of risk control and claims handling services. These two elements play a significant role in the determination of your workers compensation experience modification factor. Ignoring them may cancel any initial savings associated with a low rate.
Tegner-Miller Insurance Brokers will work with you to:
- Assure the proper employee classification
- Shop your specific account across our many, financially strong insurers
- Review and negotiate open claims before they negatively impact your experience modification
- Work with the workers compensation insurance company in the development of a quality loss control program
- Review and assist in the final audit process
Our goal is to create a workers compensation insurance program that is cost effective and predictable.