What is Workers' Compensation? - E-COMP Workers' Compensation

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What is Workers' Compensation? - E-COMP Workers' Compensation

It’s “on-the-job” insurance for injured workers.
Employers in almost every state are required to carry workers‘ compensation insurance for their employees.
It’s a state-mandated “no-fault” insurance system that pays benefits to workers injured on the job. In return, empoyers generally receive immunity from civil lawsuits by employees over workplace injuries.

Costs and Premiums

Rates are based on three key factors:
- Type and industry of the business
- Previous loss history
- How that loss history compares to other companies in the same industry
Elements of Workers’ Comp. cost:
- Premium rates vary by state and carrier
- Each job class (code) has a specific rate that applies
- Rates are calculated per $100 of payroll

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What is Workers’ Compensation?

Costs and Premiums

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