Workers' Compensation Insurance Information

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Workers compensation pays for the cost to rehabilitate an injured worker. Learn about workers compensation insurance information with help from an insurance professional in this free video clip.

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Video Transcript

Hi, this is David Sumpter, commercial insurance specialist with Wateridge Insurance in San Diego. Today, we're going to talk about worker's compensation. What is a worker's compensation insurance policy? Worker's compensation insurance pays for the cost to rehabilitate an injured worker while they're on the job. So an employer pays for this policy in return the insurance carrier pays for the medical costs associated with taking care of that employee, the indemnity cost which is the cost to pay them for their lost time and any rehabilitational expenses. So, where do you get a worker's compensation insurance policy? For most states the only place to find one is through an agent or broker like myself. So check around and find the best broker you can. They'll go to any number of insurance carriers to find that coverage for you. Worker's compensation is mandated by law in many states so check with your state to make sure that if you need that coverage that you have it. It's always a good idea to have that coverage whether it's required by law. Here in California in fact, it's a felony not to cover your employees through worker's compensation. Worker's compensation insurance policies are fairly broad and in most states are a no fault policy. That means it's not the employer's fault, it's not the employee's fault, it's just going to be paid by the insurance carrier. Again every state is a little bit different. Finally if you're an employer that's large enough you'll be given what we call an experience modification. This is, I don't want to go into that too detailed but you can check with your brother but what it does, it's a merit system that can provide credits or debits depending on your loss history. Again, check with your broker, they'll help you through that. I'm David Sumpter, commercial insurance specialist with Wateridge Insurance, and we've just talked about worker's compensation insurance.

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