Workers’ Compensation Insurance protects businesses and their workforces by providing benefits to most employees injured on the job. These benefits can address medical care and related medical costs, retraining, lost wages until the employee can return to work or compensation for permanent disability.
IOA has partnered with AmTrust Financial Services, Inc., to provide Workers’ Compensation coverage to our dealers across the country. AmTrust is an industry-leading insurance provider, offering small and mid-sized businesses customized Workers’ Compensation Insurance and other coverage options. With an A- (Excellent) rating by A.M. Best, AmTrust Financial always seeks to deliver superior services at a rate that’s both fair and affordable.
Workers’ compensation insurance is vital for small businesses because it helps them cover the cost of medical expenses and lost wages for injured workers. Small businesses need workers’ comp because:
A Workers’ Compensation policy from AmTrust Financial helps protect businesses and their employees from a workplace injury. Here’s how Workers’ Compensation Insurance from AmTrust works:
An AmTrust Financial-appointed agent can walk you through the buying process and help you understand the various laws, class codes and underwriting involved with workers’ compensation insurance.
The average cost of workers’ compensation will depend on many factors, including the number of employees, annual payroll, specific occupation and the rate classification of the business.
A few common examples of small business workers’ compensation claims include:
The main purpose of workers’ compensation insurance is to address legitimate workplace accidents and carelessness. This includes incidents that occur off the employer’s premises but in the service of the job, such as injuries sustained while traveling for work or working remotely.
Workers’ compensation insurance offers five basic benefits:
While workers’ compensation is no-fault, certain claims generally are not covered, including when:
Read more about what workers’ compensation covers under the course and scope rule.
Step 1: The employee reports an injury to the employer.
Assess the condition of the injured worker. The employee should seek medical attention right away for a serious or life-threatening injury. If it is a non-emergency, the employee should visit a medical provider designated by the employe
Step 2: The employer files the claim with their insurance carrier.
Upon receipt of the work injury, a supervisor (or H.R. representative) should provide the necessary paperwork to the employee and report the injury to the company’s workers’ compensation insurance provider. All injuries, from minor to major, should be reported within 24 hours of the incident. Learn more about reporting a claim with AmTrust.
Step 3: The insurer will either approve or deny the claim.
The workers’ compensation insurance carrier will determine whether a claim is approved or denied based on the circumstances around the injury.
Step 4: Continue receiving medical treatment and monitor the status of your claim.
The employee continues receiving treatment and may follow up on the status of their claim periodically.
Step 5: The employee returns to work.
Once the injured employee is healthy enough, they will return to work (either full-time or in a limited role) unless the injury leaves them totally disabled.
Here are six signs of a potentially fraudulent workers’ compensation claim:
Individually, these signs do not conclusively mean a workers’ comp injury is false, but when more than three of them are present, it might be time to take a closer look at the situation and the employee’s claim.