Workers compensation insurance exists to protect workers and provide compensation to employees who get injured while working on the job. This type of insurance also exists to protect a business from liability as a result of lawsuits from injured employees. Employers pay the premiums for workers compensation as a cost of doing business. Employers with more than one employee are required in all states to have workers compensation insurance
Beginning
The need for a program for workers compensation began with requirements that were established during the early part of the 20th century. Prior to established requirements, individuals that were hurt on the job had to suffer or take their employer to court. This presented problems for most people who could not afford the cost as well as employers that were found at fault. As a result, a compromise was developed by the states that began in 1911.
Modern Laws
Modern laws in each state provide various types of benefits to employees or workers who become injured or ill and apply for workers compensation coverage. Benefits that are provided to workers typically include medical expenses, death benefits, wages that are lost and certain types of rehabilitation services as provided by various state law. A business that fails to have a workers compensation policy in force can face fines and out-of-pocket costs for worker benefits
Sole Proprietors and Partnerships
An individual that is a sole proprietor or is in partnership with another individual or group of people is not required to purchase workers compensation in certain circumstances. These types of businesses are typically not required by state laws to purchase workers compensation insurance until a business has employees who are not also the owners. States may give the option for these types of businesses to purchase a workers compensation policy, but it is not required.
Self-insurance
Many states provide the option for large corporations to choose to self-insure instead of purchasing a workers compensation policy. These rules for self-insurance will vary depending on the laws in a particular state. Self-insurance requires a company to have reserves set aside to cover any losses that occur, which will need to be accounted for in financial statements. As a result, nearly all companies that have employees will purchase a workers compensation policy.
Workplace Safety
Employers can limit their need to provide workers compensation to an injured worker by taking steps to provide a safe working environment. This can be done by taking time to discuss workplace safety at regularly scheduled meetings with management and employees. Workplace safety needs to be a shared concern by both management and employees. An employer should also analyze workplace injury trends that exist in similar businesses to help limit any claims that may occur.
Why should you go with Farmers?
Safeguard Your Business and Employees
You pride yourself on operating a safe, secure work environment where your employees can perform to the best of their ability while helping your business grow. Even in the most ideal circumstances, the reality is that accidents and illness still happen. A slip and fall at a restaurant resulting in broken bones, an equipment malfunction at a construction site causing eye injury—it could be any number of things.
Upon the unexpected, it's essential that your employees' medical needs are quickly addressed so they can return to work as fast as possible. And that's exactly what Farmers can help you do. Let a Farmers agent create a tailored, multi-covered solution, including Workers' Compensation Insurance that meets the specific needs of your business.
Rely on experts who know workplace injury
Don't go at it alone or risk legal non-compliance and/or a lawsuit. Farmers Workers' Compensation Insurance can quickly and efficiently deliver benefits at a fair cost for work-related injuries and illnesses sustained by you and your employees.
When Farmers receives a Workers' Compensation claim, an experienced representative is committed to achieving same-day contact with those involved—the injured/ill employee, employer, medical provider and insurance agent. This ensures that benefits begin as soon as possible and that questionable claims are investigated early in the process.
Throughout the life of any Workers' Compensation claim, Farmers is there for you to help minimize the risk of loss and its impact on your business, every step of the way.
Reduce costs, injuries and losses
Farmers is constantly working to reduce rising Workers' Compensation costs, and its complete medical and disability management program can do just that for your unique business. Offering managed care, education and other customized services to help control your Workers' Compensation premiums, this program includes:
- An extensive Preferred Provider Organization (PPO) network of clinics, physicians and hospitals committed to excellent treatment as well as managing costs.
- Expert review of treatment plans, need for hospital admissions, billing accuracy and potential fraud.
- Early Return-to-Work Programs bringing employees back on the job as soon as possible, saving you money in temporary disability payments and retraining costs.
- Provision of educational materials designed to educate employees on Workers' Compensation safety programs.
- Farmers Claim Services offers 24/7 online claim filing to ensure that businesses operating around-the-clock don't lose valuable time between filing a claim and the resolution.
Farmers also offers a valuable addition to its Workers' Compensation coverage in the form of Loss Control Services. These services help your employees by identifying workplace hazards, such as a faulty electrical wire in the kitchen, providing a safe environment for employees. The safety and loss prevention materials include tips on how to reduce slip and fall accidents in restaurants, ladder safety tips and how to prevent back injuries.
To learn more about how these offerings can benefit your unique business, contact your local Farmers agent.
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Eric Uzeta
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