Coverages for your injured or sick employees
and protection for your firm
Insurance that provides injured workers with medical care, income (or a percentage of income), and survivor benefits in cases of fatalities.
Guaranteed Cost Program means that you will pay a flat fee of sorts for a given policy period. The policy is not adjusted for losses as in a loss sensitive program. The final workers compensation bill for the policy period occurs after the premium audit for that policy year.
Loss Sensitive Plans — an insurance rating plan for which the final premium is dependent on the actual losses during the period the plan is in effect. This risk financing technique places upper limits on the insured's costs if its losses are high but also requires the payment of a minimum premium in the event it experiences low losses or is loss-free. This type of plan provides an incentive for insureds to emphasize safety and loss control activities. Deductible plans, retrospective rating plans, dividend plans, and retention plans are all examples of loss sensitive plans.
Captive Programs - is generally defined as an insurance company that is wholly owned and controlled by its insureds; its primary purpose is to insure the risks of its owners, and its insureds benefit from the captive insurer's underwriting profits. Captive insurance is utilized by insureds that choose to put their own capital at risk by creating their own insurance company, working outside of the commercial insurance marketplace, to achieve their risk financing objectives.
Important to Know
There are at least six areas of human error that you can examine when a Workers’ Comp Experience Modification analysis is performed. Chances are very good for a reduced rate and possibly refunds issued to you. We can perform this analysis for you.
Your Return to Work Program needs to document and be communicated to your employees before injuries occur. Identify Modified Duty Positions and develop written descriptions of these positions that can be provided to physicians for approval.
Make a written report of every accident resulting in personal injury that causes a loss of time from regular duties beyond the working day or shift resulting in medical treatment beyond first aid or more than two treatments by a doctor or persons rendering first aid.
It is important that you verify the Workers' Compensation Insurance of any vendor and/or subcontractor that you hire to do work for you.
Specialized Risk Management
for Staffing Agencies
5800 South Eastern Ave Suite 400
Los Angeles, CA 90040
Tel (323) 400-6705 CA License # 0747420