In the vast majority of all States, it is required by law for employing companies to carry workers’ compensation insurance. This is because it offsets the cost of a workers’ compensation payout by shifting the burden to the insurance company instead. Workers’ comp is a system that is guaranteed to be utilized by injured employees, so it makes sense that carrying the insurance for it is a necessity as well.
The problem that companies may run into is where they can purchase workers’ compensation insurance and, more importantly, where and how they can get the best rates possible. This kind of insurance is purchasable from many different private companies, but it is the premier rate finding that many companies get hung up in. Thankfully, there are a number of websites that one can go to in order to compare workers’ comp insurance rates and therefore find the best value in insurance.
Most States are a part of the National Council on Compensation Insurance (NCCI) and, therefore, companies in these states can use their website as a resource for comparing insurance prices. On their site, linked here, contains various data reports, market analyses, and listing for insurance agents that can be useful in researching.
An additional resource is Classcodes.com. This website contains plenty of information regarding the various classifications that insurance companies use for different fields of work. This is important to know because insurance rates often differ among various professions, with the “most dangerous” fields having higher premiums than ones that have a less likely chance of incident.
Both of these resources are useful for comparing workers’ comp insurance rates, but it can also be a good idea to gather quotes from companies that sell this kind of insurance in your area. If you have any legal questions concerning the workers’ compensation program, we at the Franco Law Firm are always here to help. We can be reached at (813) 872-0929.