Keeping your employees safe at work is important to most business owners. But when a worker does suffer an injury, workers compensation coverage provides your employees with protection they need, and also, provides you with peace of mind.
What is experience modification?
Commonly referred to as "e-mod," experience modification is the calculation used to determine worker's compensation premiums.
Beat Your Workers' Comp Auditor at Their Own Game
Have you ever gotten a great big bill after tying up an audit? I bet it was a surprise. Auditors get in and get out. They pick up the required information and away they go. No explanations and here’s the thing, they are not there to help you. They’re working a numbers game and the more audits completed the better they do. So, let’s stack the deck.
It's the law, but...
Workers compensation insurance is often mandatory for many businesses if they have employees, no matter what the job requires. It covers medical costs and a portion of lost wages for employees who become injured or ill on the job.
Workers compensation is like an airbag for your business. When trouble strikes, it deploys to help your employee get back to work as fast as possible, minimizing the damage to your business.
If that sounds like a luxury to you, keep in mind, it's probably a good thing for your business. Imagine having to pay for a slip-and-fall accident out of your business checking account.
It’s a good thing for you and your employees.
Workers comp insurance may also protect you from being sued by employees for workplace conditions, when a court finds your company liable in causing an injury or illness to your employees.