Security America is excited to announce the launch of its new nationwide Worker’s Compensation Program through a partnership with AmTrust (an A Rated provider).
What is Worker’s Compensation Insurance? As an employer you are obligated to take reasonable care to assure that the workplace is safe. Accidents happen, though. When they do, Worker’s Comp provides coverage. This coverage assures that injured workers get medical care and compensation for a portion of their income while they are unable to return to work, and it protects you as an employer from lawsuits by injured workers.
The Coverage is Offered Nationwide? With exception to states that require state-offered programs, the Security America policies can be offered nationwide. Worker’s comp statutes are established by each state therefore, no two states have the same rules. Each state determines the features – amount of benefits, covered injuries, medical care, etc. If you do business in multiple states, you may have to deal with different rules for that portion of your business. Our worker’s comp experts can help you dig through all of these issues.
Is Worker’s Comp Mandatory? It depends on your state, but the short answer in most cases is, “yes.” Each state has its own statutes — it could be optional all together or it could depend on the number of employees you have. Some states have rules related to how independent contractors are categorized for the purposes of worker’s comp. Even if it is optional in your state, most contracts require you to purchase worker’s comp coverage. At the end of the day, insurance or no insurance, if an employee is injured or killed while working for you, you may be legally liable.
How are Premiums Rated? Premiums are primarily based on an industry classification code. Lucky for you, ESA and Security America are extremely familiar with your industry. We have been able to negotiate with our worker’s comp partner to ensure they understand the exposures. Additional factors include location, loss experience and individual risk characteristics.
What is Needed to Get a Quote? In order to get a quote, we always start with the Acord 130 Application and the Contractors Supplemental. In addition, 5 year loss runs and an experience modification worksheet (if available/applicable) may be needed further along in the process, depending on the applications above.
Next Steps? Complete the application at securityamericarpg.com and send it over to firstname.lastname@example.org or give us a call at 866-315-3838 for more information.