Information on Workman's Comp Insurance

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How to Find Workman's Comp Insurance....5

Workman's comp insurance is very important for a wide variety of different reasons. Get information on workman's comp insurance with help from an insurance professional in this free video clip.

Part of the Video Series: Insurance Information
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Video Transcript

Hi, This is David Sumpter, commercial insurance specialist with Wateridge Insurance in San Diego. Today, let's talk about workmen's compensation. It's actually called workers' compensation insurance but it does the same thing. Workers ' compensation insurance is provided by an insurance carrier and the policy pays for a couple of things. Number one, it's going to pay for the medical costs associated with a workplace injury. It's going to pay the indemnity costs or the lost wages to the employee because they can't work. It's also going to pay for rehabilitation expenses. Now, workers' compensation, and it can be acquired in all 50 states, but every state has a little bit of a different law when it comes to it. For example, here in California, it's mandatory but in Texas it's not. So, make sure you check with your broker to make sure that your state either requires it or it doesn't but, either way, it's a really good coverage to carry. Workers' compensation limits can also vary by state. Workers' compensation insurance can also carry a merit rating. Here in California, it's called an experience modification, but it's pretty simple. The more claims you have, the higher your premium is; the less claims you have, the less your premium is. Always check with your broker and make sure they are doing right by you by shopping around with different insurance carriers. Workers' compensation rates fluctuate pretty commonly, especially here in California. So, if they're doing their job, you can be rest assured that you're getting the best possible price. I'm David Sumpter, commercial insurance specialist, with Wateridge Insurance, and we've just talked about workers' compensation insurance.


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