Roberts Insurance Group Blog
If you're one of our clients or someone who follows along with our content, you probably know that businesses have the most control over their Workers Compensation premiums versus any other type of business insurance, at least in Georgia. Helping companies reduce their Workers Compensation premiums is one of the biggest value-adds that we provide for our business clients here in Georgia. It is also the type of insurance that we receive the most questions about.
In light of the influx of questions regarding Workers Compensation insurance, we thought it would be good to do a series on some of the most commonly asked questions. Welcome to the Workers Comp Series Episode 1: How Workers Compensation insurance works.
What Is Workers Compensation Insurance?
Workers Compensation insurance, also called Workers Comp or Workmans Comp, is a type of business insurance that provides benefits, or compensation, to members of an organization that are sustain injuries or death while on the job. Benefits are generally broken into two categories: medical and indemnity. Medical benefits are provided to pay for the medical care a member of an organization receives as the result or a workplace accident. Indemnity is paid to reimburse the injured or deceased worker for lost wages.
When Is A Business Required To Carry Workers Compensation Insurance?
We recommend all businesses with employees to carry Workers Comp. However, the State Board of Workers Compensation in Georgia requires all employers with 3 or more employees to provide Workers Comp insurance. Remember, just because it isn't required, doesn't mean your business can't be sued.
How To Get Workers Compensation Insurance In Georgia
In Georgia, this is very similar to any other type of business insurance. You will need to find an insurance agent that has experience writing Workers Comp insurance. The agent will help you fill out applications and market your insurance to different insurance companies. Then, you and your agent will decide on a policy that fits best with your company. Once this is completed, you will begin to pay premiums to your insurance company, who guarantees to provide benefits if one of your employees is involved in a workplace accident.
In Episode 2 of our series, we will be diving into Workers Compensation premiums and on-going service. We will discuss what impacts your company's premiums and things you can be doing to drive down your costs.
The Roberts Insurance Group is a Georgia Insurance Broker specializing in commercial and personal insurance for our clients throughout the state of Georgia. We help our clients lower their cost of insurance with our superior claim and risk management expertise and our extensive carrier access. We are in the business of building relationships with our clients to help them grow and succeed. Contact us today to see what we can do for your family or business.