If your employee falls off a chair or cuts his hand at work, you’ll definitely need more than a trip to the doctor. You’ll also need to consider your workers comp policy. Workers compensation insurance covers medical expenses to treat a job-related injury or illness, and it also pays employees for any days missed from work due to the incident. … Read More
The Importance of Reporting Workers Comp Claims Quickly
When a workplace injury or illness occurs, many employers and employees simply don’t know how to handle the incident from a workers comp claims standpoint. This is understandable since some industries aren’t as prone to work-related accidents as others. Whenever an employee is injured, it is essential that the proper process be followed in order to protect both the injured … Read More
Shopping for Errors: Store Workers Comp Class Codes in NY
In our previous post about the importance of using the right workers comp class codes in New York, we promised a look at three codes that store and warehouse owners often use interchangeably. However, it’s vital that we take a little closer look to see how they differ to make sure that you report payroll in the right one. The … Read More
Don’t Overpay on NY Workers Compensation Class Codes
We talk a lot about NY workers compensation class codes here, and for good reason. Correctly assigning your workers to the right payroll classification code is a vital part of doing business. Any type of misclassification, and you could be out thousands of dollars either by overpayment or underpayment. There’s nothing worse than placing an employee’s payroll in the wrong … Read More
What You Need to Get a Quote for Workers Comp Insurance
When you’re shopping for New York workers comp insurance, it can be challenging to figure out everything you need to get the right quote for your business. If you have an understanding of the process though, it will be much easier to get your paperwork together to be ready to go when you approach licensed insurance agents for pricing. While … Read More
Should You Ever Pay Small Workers Comp Claims Out of Pocket?
New York employers ask this question frequently, and it’s certainly a good one. The typical reasoning behind it is that if your experience modification is affected by policy losses, then having a lot of small medical only claims on it could affect it negatively. This, in turn, could mean an increase in rates. It seems logical that paying these small … Read More
Money Saving Tip: Check Workers Comp Rates for Roofing
Even without the state mandate for coverage in New York, New Jersey, Pennsylvania and Connecticut, the inherent risk associated with installing and repairing roofs makes workers compensation insurance a must. Workers comp insurance covers the cost of medical expenses and lost wages for employees involved in workplace injuries or accidents. In the event of a lawsuit, this vital coverage handles … Read More
Buying Workers Comp Insurance in New York
Workers compensation insurance in New York is mandatory. This required business insurance supplies important protection for employees in the event of work-related injuries or illnesses. The added bonus is that NY workers comp coverage directly benefits employees while also protecting employers from any potential legal liability associated with an employee that decides to sue for damages. Who Pays for Workers … Read More
New Years Savings for Employers: NY Workers Comp Assessment Rate Drops
Good news for New York business owners with workers comp coverage in 2015. The NY workers comp assessment rate will drop by .6 percent. The decrease from 13.8 percent to 13.2 percent may seem rather small, but the expected overall savings for all employers actually totals $45 million. So just how does the Business Relief Act help with lowering New … Read More
Intermediate Experience Mod Analysis – Part 2
Intermediate Experience Mod Analysis – Part 2 An experience mod analysis can provide valuable insight into your business operations and Workers’ Compensation losses. Loss sensitivity is an important aspect of experience mod analysis and involves both specific and aggregate. Mod Analysis: Specific Loss Sensitivity This analysis identifies the specific impact that a single loss has on your experience mod and on the … Read More
Experience Mod Analysis for Workers Comp Insurance – Part 1
Intermediate Experience Mod Analysis An experience mod analysis can provide valuable insight into your business operations and Workers’ Compensation losses. If you have a basic understanding of how an ex-mod is calculated, you can use a few simple equations to gain a deeper understanding of the factors contributing to your number. Determination of the Minimum Ex Mod Factor The minimum experience … Read More
Safety and Health Assistance for Small Businesses with OSHA
Safety and Health Assistance for Small Businesses with OSHA The Occupational Safety and Health Administration (OSHA) created the Office of Small Business Assistance to help small business employers understand their safety and health obligations, access compliance information, provide guidance on regulatory standards and to educate them about cost-effective means for ensuring the safety and health of worksites. OSHA encourages all … Read More