Workers’ Compensation

Employers have a legal responsibility to their employees to make the workplace safe and sound. Accidents happen, but Workers’ Compensation provides your business with a safety net that essentially helps prepare you for the unexpected. To be specific, Workers’ Compensation protects your employees from work-related accidents, injuries, illnesses, and even death that occur during the course of employment.

Payments are made to the injured party & mainly consist of

  • Medical Payments

  • Recovery / Ongoing Care Costs

  • Loss of Partial Wages

  • Funeral Costs

  • Death Benefits

All states require all employers to carry Workers’ Compensation insurance and each state has individual laws that must be met. Depending on state laws and contract requirements, you may need this policy to cover employees, contractors, and even yourself.

Since we at Koram methodically comprehend the trend in the business coverage market and closely work with multiple Workers’ Compensation insurance carriers, we provide you various options to pick out your ideal coverage that abides by the state requirements along with reasonable rate.

Settings of Workers’ Comp

Almost all states are “open market”, which means the coverage is underwritten by private insurers; some states are “closed” or “monopolistic” - the coverage is underwritten by a state-sponsored fund (ND, OH, WA, WV, WY). However, in states that are open, rates can vary between insurance carriers depending on the type of business the carrier is attempting to attract. In an open market, the rates for workers’ compensation are competitive.

Employers with one or more employees are subject to the provisions of their states Disability Benefits Law. This law provides benefits to employees who may be become disabled because of injuries/sickness off the job or that may arise from other conditions such as pregnancy. Payments for these types of benefits are only allocated for the payment of wages unlike that of Workers’ Compensation which provides payment for medical costs.

Rates for these policies are dependent on the degree of hazard that each occupation carries. Each occupation is coded and defined by state laws. Premiums are determined by the amount of payroll in each occupation code and is subject to annual audit for verification.

At Koram,

We simplify the process by searching for many options to obtain ideal coverage and meticulously comparing insurance quotes and rates that not only complies with state regulations, but also matches with your business risks. On top of that, we will cut the unnecessary jargon and explain step-by-step the fine print so you know exactly what you’re getting.