Category: Workers Compensation Insurance
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Mandatory Workers’ Compensation Insurance for Contractors in California
The California Contractors State License Board (CSLB) has announced that starting January 1, 2023, certain licensed contractors must carry workers’ compensation insurance, regardless of whether they have employees. These contractors include those in the concrete (C-8), HVAC (C-20), asbestos abatement (C-22), and tree service (D-49) sectors. This new requirement is the result of Senate Bill…
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An explanation of workers’ compensation class codes
The workers’ compensation class codes are used by insurance companies to understand the types of work their customers do. In this way, companies can categorize work areas according to the level of risk estimated. Workers’ compensation cost can thus be precisely determined by insurance companies. Workers’ compensation insurance rates are based on NCCI’s classification system, which…
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Workers’ compensation insurance in a nutshell
In the event of workplace injuries, workers’ compensation insurance provides medical and wage replacement (compensation) benefits. Compensation is available only for injuries occurring in the course of ordinary business operation. Businesses with employees in California are required to obtain workers’ compensation insurance from an insurance company or from the state fund. There are large businesses…
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Workers Compensation in the United States: The Background History
Workers Compensation in the United States: The Background History The idea of providing workers with sufficient protection as well as compensation for the injuries or illness that occurs at the workplace was first introduced at the beginning of the 20th century with the emergence of the trade union movement. The increasing awareness among the general people,…
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Workers Compensation Insurance
Worker’s compensation insurance is mandatory coverage for business owners in most states in the United States. Apart from being a requirement of the law, it is an essential risk management plan that can help you achieve business sustainability, as it covers your business against claims for: – Lost wages – Medical treatment – Death benefit…