Your Workers Compensation Insurance Agency
Tatum insurance is an independent agency which offers a workers compensation insurance policies for your business. This coverage is meant to protect your employees and your business from legal exposure when an unexpected event occurs.
Our team of experts will educate you about workers compensation insurance and what the law requires in your state. Tatum insurance will also help you to find adequate coverage for your company and available discounts for policyholders.
Understanding Workers Compensation Insurance
If you have employed workers in your business, state law probably requires you to purchase a workers compensation policy. Also known as workers comp, this policy consists of a declarations page, various endorsements, and a policy form. It may also have one or multiple schedules like a list of locations.
Depending on the type of business you are operating, your company is assigned one or many classifications under workers compensation policy.For example, if you operate and manage a hardware store which sells items to retailers, your business will be classified as a retail hardware store.
The monthly premiums you are obliged to pay for this coverage will depend on your business classification. Premiums are also determined by your worker’s payroll and the rates that are charged by each classification. Employees may receive payment if their injury or illness is related to their employment or job duties. Workers comp laws differ in each state. However, employers must follow the law.
Workers Compensation Coverage Types
Workers compensation coverage provides financial help to employees who have sustained injuries or have become sick while working. An employees is compensated regardless of who is at fault. The injured worker does not need to sue the employer for negligence for him/her to be compensated.
Furthermore, an injured employee may still get benefits even if his/her carelessness caused the injuries.
Workers compensation insurance includes the following coverage types:
- Medical Coverage
- Vocational Rehabilitation
- Death Benefits
Workers compensation medical coverage is usually unlimited without deductibles or copays. Benefits are made available until the injured employee has fully recovered. Although medical coverage is different in each state, benefits include:
- Hospital Care
- Nursing Care
- Doctor Visits
- Medical Diagnostic Tests
- Physical Therapy
- Medical Equipment (Wheelchair and crutches)
Depending on the state you live, laws differ on who gets to choose your healthcare provider. Some states regulate how much you may be charged for treatment by the healthcare provider.
Disability benefits compensate you for lost wages because your illness or injury made it impossible for you to work. The benefits fall under one of the following categories:
- Temporary Total Disability
- Temporary Partial Disability
- Permanent Partial Disability
- Permanent Total Disability
Temporary Total Disability
This disability prevents you from working totally, but only for limited period. You may fully recover and work in the future. Payments end when you your health has improved or when doctors think you won’t be healed completely. Most states have time limits for temporary disability compensation. The majority of employees fall under this category.
Temporary Partial Disability
Temporary partial prevents you from working as usual for a limited period, but you can work a little. For example, your doctor may allow you to work for four hours a day while you recover from your injuries. Most states will compensate you for the hours that you won’t be working.
Permanent Partial Disability
Permanent Partial means that you are suffering from permanent damage. The damage usually results from an injury or illness that causes you to be less productive at work. These benefits are meant to pay you for the permanent injury. However, most states limit how long the payments go on.
Permanent Total Disability
Permanent total disability means that the permanent damage is so severe that you can’t continue working. The rules for determining permanent total disability are complex and differ in each state. However, you don’t have to be unable to work or be disabled to receive permanent total benefits.
The compensation amount for temporary total or permanent total depends on your salary before your injury or illness. It is typically two-thirds of the total amount of your earnings.
Vocational rehabilitation enables employees who are unable to return to their jobs to learn new skills based on what they can do currently.
Spouses and minor children of an employee who is killed while working are compensated under death benefits.
Qualifying For Discounts
Insurance companies offer discounts to employers who want to save on their premiums while maintaining adequate coverage. The number of deductions’ and dollar amounts is determined by your carrier, location, and business classification. Consult an independent agent to find out about the discounts you may be qualified to get.
Discounts for workers compensation you may be eligible for include:
- Multi-Policy Discount
- Full Payment Discount
Having more than one insurance with the same carrier qualifies you for a multi-policy discount. For instance, you could bundle your worker’s compensation insurance policy with general liability insurance.
Most workers compensation insurance providers offer discounts for paying your premiums fully, instead of making monthly payments. For example, you could pay your premiums for the next six months ahead of time and get an instant discount of up to ten percent.
Visit An Office Near You
Our headquarters in Scottsdale, Arizona is your home for all types of business insurance, but we also have office locations in the following locations: