Third Party Administrators. What are they? If you’ve had a workers comp claim, you might have dealt with one. They are outsourced claims adjusters. Workers comp insurers use them when they don’t handle the claims themselves.
Why is my workers comp so expensive? This is one of the most FAQ of all the FAQs. The truth is, there are a lot of factors going into your workers comp that make up the cost. I will now try to explain.
Note: if you want to read the updated version for 2017, click here.
I frequently get asked the question about who can be excluded on a Workers Comp policy. Once we get past the lies, myths, and rumors that are addressed in this post, we’re left with the owners and officers. It’s assumed that they can always be excluded, but I’m here to tell you that sometimes they can’t. Yes, it’s true. I’ll explain….
I’ve been working with workers comp since 2004 and although it’s the simplest of all the insurance coverages, it’s ironically the one that seems to cause the most confusion. I get more questions about workers comp than I do about any other coverage. Why is this? I don’t know….. maybe because workers comp is freaking EXPENSIVE!!!
Most businesses have people that help move their enterprise forward. They’re called employees. Many businesses have a few other people that are kind of like employees, but aren’t. They’re called independent contractors or subcontractors.
Last month I wrote a blog about Common Majority Ownership (you can read it here) where I discussed how separate legal entities are tied together by the WCIRB when the same individual owns a majority of each of those entities.
Waiver of Subrogation Endorsements are confusing. According to the spell check application editing this content, the word “subrogation” doesn’t even exist. If you have ever come across one when dealing with your commercial insurance, you know it most certainly does exist, although you may not know what it is. Is it possible to unlock this mystery?
Sometimes a man owns more than one business. If the business is a sole proprietorship, he is 100% owner of all of those businesses. If the business is a partnership, LLC, or corporation, he owns at least a portion of those businesses.
That’s what I often hear when I talk to business owners about their workers comp, and, specifically, who is eligible to be excluded. I’m not calling my business owner friends disparaging names. What I’m saying is that they’re believing fairy tales.