The Intricacies Of Workers Compensation

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The Intricacies Of Workers Compensation
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• Regulated by the states, workers compensation
  insurance is quite unlike any other kind of small
  business insurance. There are in fact, 49 states
  which require that all businesses with employees,
  have this insurance, and this has led to coverage
  prices varying wildly from one state to another.
  Rules also vary wildly from state to state,
  making this kind of insurance, a tricky one to
  get to grips with. Read on to find out more about
  the intricacies of workers compensation insurance

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• What effect does workers compensation class codes
  have on insurance costs?
• Much of the U.S. is governed by The National
  Council on Compensation Insurance (NCCI), an
  independent body responsible for regulating and
  overseeing Workers Compensation. The NCCI have a
  unique set of classification codes that put
  peoples jobs into categories, and there are
  currently more than 700 codes. Each of these
  codes refers to a specific type of work, and is
  the result of much research into the types of
  injuries that employees may be at risk from, when
  exposed to it.

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• Naturally, the riskier a type of job may be, the
  more Workers Compensation insurance is likely to
  cost.
• It therefore stands to reason that someone who is
  employed as an accountant, will cost you less in
  insurance than someone who is employed as a
  lumberjack.
• Changes to workers compensation insurance
• As individual states pass new insurance laws or
  put new policies into place, the changes will
  happen gradually and in a piecemeal fashion.
  Recent years have seen the cost of Workers
  Compensation Insurance go

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• consistently down, raising concerns that
  employers are no longer able to offer adequate
  coverage for their employees.
• In Florida, for example, it was recently ruled in
  court that there is no longer a fair exchange for
  workers waiving their rights to sue if they are
  injured while at work, leaving employers open to
  potential lawsuits over injury claims.
• While low cost insurance coverage may sound
  appealing to small business owners, its
  important that you dont rush into things, and
  thoroughly research what options are available to
  you.

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• One way of ensuring that you get the correct type
  of workers compensation insurance for your
  employees, without having to break the bank, is
  to use the services of a professional company who
  specialize in this type of coverage.
• Engaging with them will see that you give your
  staff the best insurance that you can afford,
  while keeping in line with current state and
  federal laws.

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• Apollo Payroll is one of the premier small
  business payroll services companies in Miami and
  Coral Gables. Apollo Payroll is dedicated to
  delivering expert advice, responsive service, and
  highly accurate payroll processing and reporting
  to ensure the success and growth of the business
  that we serve. Our services include comprehensive
  online payroll services, employee background
  check and employee timekeeping services.