Workers’ compensation coverage pays for medical care and physical rehabilitation of employees injured at work and helps to replace lost wages while they are unable to work. Additionally, this coverage protects an employer from being sued by an injured worker in most cases.
Let Lewis Insurance review your Worker’s Compensation today, call us at 540-659-2121 .
What You Need to Know about Workers Compensation Insurance
If you have 3 or more employees you are required to carry Worker’s Compensation Insurance by Virginia Law. If you have fewer than 3 employees, you are not required by the State of Virginia to carry Workers’ Compensation Insurance. However, in the event of an employee injury/illness that is job-related your company will still be responsible for any benefits payable under worker’s compensation. Note: the medical benefits alone are not capped.
Your deposit premium is based on payroll for your employees at the start of the policy period. At the end of your policy term a representative from your Worker’s Compensation Company policy will contact you to complete an Audit. This Audit will provide the company with an exact payroll calculation for the policy period being audited. The final premium charged is calculated based on the audit. Underestimated payroll at policy inception will generate additional premium once the audit has been completed.
Some Workers Compensation coverage can include:
- Innovative payment systems (such as pay as you go premiums)
- Medical disability case managers
- Utilization management nurses
- Certified life care planning nurses
- Vocational rehabilitation consultants
- Physician consulting services
- Legal staff
- Contracts with medical network providers
- Managed prescription drug program
Corporations and LLCs have special needs when it comes to Worker’s Compensation coverage. If these entities are not set up properly, final audits can be costly. To find out more about Worker’s Compensation and other products and services, contact Lewis Insurance Associates today.