5 Must-Haves for a Workers’ Compensation Insurance Policy

What does Workers’ Compensation cover? Let’s begin with the basics.

Workers’ Compensation provides workers injured on the job medical care, rehabilitation services, and compensation for lost wages. In return, workers have limited avenues to sue their employer for damages related to the injury or illness. This arrangement is funded through premiums paid by employers, which are based on their payroll and the levels of risk associated with their industries and types of work being performed.

Are you looking to protect and insure your employees with a reliable Workers’ Compensation insurance policy for your business? Builders experts are standing by to assist you with a quote, so take the first step towards peace of mind today!

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What You Need in Your Workers’ Compensation Policy

Here are five features that any business considering Workers’ Compensation insurance should be on the lookout for:

  1. Extensive Underwriting and Claims Experience: Look for an insurance carrier that has years of experience in both underwriting a diverse range of industries as well as superior claims handling and processing – explicitly covering businesses like yours with similar operations and hazards.

    At Builders, the average underwriting professional holds an astounding 12 years of experience, and the average claims representative 19 years of experience. Furthermore, we even have on-staff nurse care managers with extensive expertise in advocating for the proper care and recovery of injured workers.

    We have the accumulated know-how needed to fit your unique business with airtight coverage personalized to your operations. In so doing, we have earned a reputation for both excellent coverage and fairness among our policyholders and independent agents, cementing us as a leading regional carrier in Workers’ Compensation for over 30 years.

  2. Excellent Medical Management: To reduce the effects of injuries and downtime on your business, seek out carriers who demonstrate expertise in medical management.

    When injuries do occur, your Workers’ Comp provider is responsible for assisting injured workers in receiving the appropriate medical care. Consequently, an insurer’s level of proficiency at medical management heavily impacts the quality of the care, the length of the recovery, and the costs associated with rehabilitation and lost time.

    At Builders, we take a holistic approach to protect the wellbeing of your employees before, during, and after accidents. And since the best way to manage workplace injuries is to prevent them in the first place, Builders has pioneered prevention-focused training and education through the vast resources and consultation services of our Builders Safety Academy.

    In the event of an accident, our experienced on-staff nurses advocate for the health of injured workers and consult with doctors and hospitals to ensure the most effective treatment, striving to maximize recovery and return employees back to work as quickly and safely as possible. To illustrate, consider Troy’s story:

    Case in Point: The construction company Troy works for receives Workers’ Compensation insurance from Builders. Builders will assist Troy and his fellow employees in preventing accidents through the expert safety training and program development offered through the Builders Safety Academy. In the case of a jobsite accident, Troy will be protected in the near term from medical expenses and lost wages. And with our exceptional team of nurse case managers closely monitoring his treatment, Troy can focus on recovery until his rehabilitation is complete. Troy feels reassured knowing that his insurance carrier is proactive in protecting him, while staying with him every step along the path to recovery.

    Injured Workers-Compensation Insurance Employee Doing Rehab

  3. Customizable Options: Look for an insurance policy that offers customizable options so you can tailor your coverage to meet the specific needs of your business. This may include options for higher coverage limits, additional benefits, product bundling, specialized coverage for high-risk industries, or even simple coverage for low-risk industries. Take a look at Sally’s search.

    Case in Point: Sally is the owner of Northside Construction, a popular custom home builder, and she employs 20 full-time workers. The job sites pose many potential hazards and she is always seeking ways to improve the work conditions and keep her employees safe. As she shops around for Workers’ Compensation insurance, she wonders 1. what kind of insurance she needs for her perilous business, and 2. if more than one policy can be bundled into one total package for a single insurance go-to.

    Fortunately for Sally, Workers’ Compensation from Builders has historically covered complex and high-risk construction work, and therefore can easily offer robust protection for residential and commercial construction companies. Better yet: her property and general liability insurance needs can be bundled together under Builders’ Commercial Package Policy Insurance.

  4. Strong Financial Ratings: Trust insurers with strong financial ratings, as those ratings are a good indication of the company’s overall stability and ability to pay claims. Insurers with average or poor financial performance may resist paying claims or cut corners in terms of the quality of the medical care they will cover. Look for companies with high ratings from reputable rating agencies such as A.M. Best or Moody’s

    Builders has earned an “A” rating (Excellent) from A.M. Best, demonstrating remarkable financial strength and proven ability to meet our obligations.

  5. Excellent Customer Service: Finally, look for an insurance provider with a reputation for excellent customer service and expertise in managing Workers’ Compensation claims. This includes responsive customer support, clear communication, and efficient claims processing. Look for a carrier with the expertise to handle your claims and provide a personal touch for your employees.

    As a mid-sized mutual owned by our policyholders, Builders offers excellent customer service through deeply knowledgeable staff, centralized claims management, outstanding medical management, and a network of experienced and loyal independent agents.

    At Builders, you won’t struggle to win the attention of giants; our mid-sized model gives you the right blend of financial strength, agility, and genuine care.

    Injured Workers Compensation Insurance Employee Back To Work

These “must-haves” of Workers’ Compensation underscore the importance of finding the right insurance solution for your business. Fortunately, Builders is poised to provide your company and workers with coverage tailored to your unique needs – combined with a complete Workers’ Compensation solution to champion both the prevention of, and recovery from, injuries and accidents.

Finding answers to the hazards and challenges facing your workforce is easier than ever. Solutions for a safer, healthier team are just a click away. Contact us today.

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Frequently Asked Questions

What is workers’ compensation insurance?

Workers’ compensation is insurance that pays for medical care and physical rehabilitation of workers injured on the job and helps to replace lost wages while they are unable to work. State laws, which vary significantly, govern the amount of benefits paid and other compensation provisions.

How much is workers’ compensation insurance?

The cost of workers’ compensation insurance is determined by a number of factors, such as payroll amounts, the types of work being performed (which are categorized into NCCI class codes), previous insurance claims, and more. An insurance underwriter will collect information about your business in order to formulate an appropriate rate (or premium) for your coverage.

How can I lower my workers’ compensation costs?

There are several actions you can take that may influence your workers’ compensation insurance costs:

  • Report claims immediately to ensure the fastest receipt of benefits
  • Pre-plan what to do when an employee is hurt including investigating accidents
  • Cooperate with your adjuster by providing necessary information quickly
  • Consider a deductible
  • Be proactive in identifying hazards and implementing safety controls
  • Create a return-to-work plan which includes light-duty assignments as apply

How do I get workers’ compensation insurance?

Builders Insurance policies are available through our independent agents. You can easily request a quote and an agent will follow up. Please note: if you are a homebuilder or trade contractor in Georgia, you are eligible for our best pricing if you belong to an approved Association Membership organization such as the Home Builders Association of Georgia or The Remodelers Association of Georgia.

How is workers’ compensation (or lost wage benefits) calculated?

While the amount of lost wage benefits paid to a worker injured on the job depends on individual state law, it is not uncommon for an injured worker to receive 2/3rds of his or her average weekly wage.

What is the workers’ compensation class code?

A class code is a four-digit numerical code assigned by NCCI. Class codes are assigned to differentiate between the various job duties or “scope of work performed” by employees.

What is the difference between OSHA and workers’ compensation?

OSHA is a federal agency that establishes health and safety standards for workers, conducting inspections and penalizing employers who do not meet its standards. OSHA does not provide compensation to workers injured on the job. Defined above in the first FAQ, workers’ compensation is an insurance product provided by employers and regulated by the appropriate state government.

How do you handle workers’ compensation for traveling employees working in multiple states?

Talk with your insurance agent to ensure your policy covers out of state travel.

What is the workers’ compensation process for employers?

The process of obtaining worker’s compensation is quite easy. Just reach out to your local independent insurance agent, as they are in the best position to understand your business operations and help you select the right coverage. Fortunately, Builders works with a vast and experienced network of independent insurance agents. Simply utilize our agent locator and find your Workers’ Comp solution today.

What are the best practices for workers’ compensation claim management?

If you are an employer…

  • Report worker injuries to your insurance carrier as soon possible
  • Coordinate with your insurance carrier to gather facts about the claim
  • Investigate the claim yourself to ensure the injury actually occurred on the job
  • Offer injured employees return to work options, including light duty alternatives

If you are an injured worker…

  • Take note of any details about your injury and the circumstances around your accident
  • Make sure your employer is informed about the accident and injury
  • Document all communications with your employer