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9 years ago · by · 0 comments

Workers Compensation – What Determines My Premium?

Scurich Insurance Services, CA, Workers CompensationIn California, nearly all employers – even those who have only one employee – must provide workers’ comp insurance. However, there could be exceptions for farm workers or family members. While such insurance is often viewed as being a vehicle that protects and serves the employee, having this insurance also prevents the employer from being sued if a worker is injured during the course of their job duties. This helps to protect the long term health of the business. Employers in California are responsible for paying the full cost of the premium for workers’ comp insurance.

Although the factors that determine the premium that must be paid are variable, there are three primary ones: the business classification code, the business’ safety record and its experience modification.

  • The business classification code is a code or a combination of codes that describes your business operations. Restaurants, for example, have different risks than construction companies and hair salons, though they do share some of the same issues as well. The higher the risk for injury to employees while on the job, generally the higher the premium the employer faces.
  • A business’s safety record that reflects compliance with industry standard safety practices involving equipment and procedures will reflect favorably on its premium. Conversely, a poor safety record or a company that is out of compliance with OSHA regulations will likely face higher premiums until the issues are addressed for several billing cycles.
  • The experience modification involves the number of claims against the workers’ comp insurance. The fewer the claims against this
    insurance, the lower the premiums will drop over time while more claims will increase the cost of workers’ comp.

Other factors that are often used to determine the cost of an employer’s workers’ comp insurance. These include special dividend or group programs the business might be eligible for as well as underwriting adjustments that are out of the ordinary such as using a health care organization that is certified.

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11 years ago · by · 0 comments

Calif. workers comp medical payments up 60% between 2005, 2011

Average medical payments for California workers compensation claims increased sharply between 2005 and 2011, although medical cost containment has shifted some medical payment expenditures, the California Workers’ Compensation Institute said Monday.

Oakland, Calif.-based CWCI analyzed data from 1.9 million California workers comp claims between January 2002 and September 2012. Average medical payments for indemnity claims rose to $6,845 in 2011, up 60.2% from $4,273 in 2005, CWCI said.

Meanwhile, average medical payments for all California workers comp claims climbed to $2,543 in 2011, up 51.7% from $1,677 in 2005.

Average payments for indemnity claims that included pharmaceuticals and durable medical equipment between 2005 and 2011 rose 187.6% to $801, the report said. Average pharmaceutical and durable medical equipment payments for all California workers comp claims during that time increased 171.3% to $276.

The report showed that medical treatment represented 73% of medical payment costs in 2011, compared with 79.4% in 2005. However, medical cost containment expenses represented 13.9% of medical payment costs in 2011, compared with 11.6% in 2005.

CWCI said early analysis of 2012 claims showed that average medical payments for workers comp claims showed “marginal” declines in the first three and six months after an occupational injury.

Scurich Insurance

Scurich Insurance Services has proudly served the Monterey Bay area since 1924.  Scurich will take care of all of your insurance needs.  Are you a business owner, did you get a new car or maybe you are looking to protect your family in the event of a tragedy?  Give us a call, we can help!

We are located at:

Scurich Insurance Services

320 East Lake Avenue, PO Box 1170
Watsonville, CA 95077-1170
Office: 1-831-722-3541
Toll Free: 1-800-320-3666

Information provided by:  http://www.businessinsurance.com/article/20130827/NEWS08/130829850?tags=|305|304|92

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Scurich Insurance Services
Phone: (831) 661-5697
Fax: (831) 661-5741

Physical:
783 Rio Del Mar Blvd., Suite7,
Aptos, Ca 95003-4700

Mailing:
PO Box 1170
Watsonville, CA 95077-1170

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