Workers Comp
Workers Comp Insurance - Employers Liability

Workers Comp Insurance - Employers Liability Workers Compensation or Workers Comp is also known as employers liability, and for good reason. In reality, Workers Comp Insurance is as important as (and in some cases, even more important than) general liability insurance.

Workers Compensation Insurance is a No Fault Insurance

Thich means that it will pay regardless of fault for employee injuries while on the job. In essence if an employee in injured while performing a work related duty, then Workers Compensation insurance will pay a portion of that employees salary for a specified period of time.

Workers Compensation Insurance is a State Requirement

It is in force regardless of weather the coverage is purchased or not. So in the event that an employee does sustain an injury while on the job, they will be paid the state statue. What this amounts to is that if there is an injury, and your company does not have the required coverage then your company will be responsible to pay the state mandated statute for this coverage.

If you do not have Workers Comp and there is an injury, you could be froced to pay

If you do not have Workers Compensation then your company can and will be responsible for thousands or even hundreds of thousands of dollars in injury damages to your employee(s) if they are injured on the job. Please contact Castle Rock agency regarding this coverage as our firm has many options and solutions for placement of Workers Compensation Insurance.

Who is required to have Workers Comp Insurance?

If you have employees, the answer is simple, you. If you do not have employees you may be able to waive the coverage for yourself, however if you are subcontracted to do work for others they may require you to have it before allowing you to work, or even worse, before they pay you. How are Workers Comp Rates Determined?

Workers comp rates are typically determined by the state you are requesting coverage for.

Does this mean that every policy carries the same rate?

Good question, the answer is sort of. Although the rates that the coverage is based on is determined by the state many agent and brokers ofter mis-classify the coverage classes which may result in higher rates for you. So no matter wher you go, you pay the same amount?

No, Some of the carriers we deal with offer dividends for policy holders that go loss free, also there are experience ratings available for your business if you can prove that you are loss free or have digestable losses.