Workers’ Compensation coverage is designed to respond when an employee is injured or becomes ill due to a work-related incident. It will pay the employee’s medical bills, recovery costs, and partial missed wages. If an employee dies, Workers’ Compensation can cover funeral costs and benefits to his or her family.
Most states like New Jersey and Pennsylvania require employers to buy Workers’ Compensation insurance as soon as they hire their first employee. Even where that may not be the case, it’s prudent to have this policy, as the cost of workplace injuries is often substantial.
Getting Workers’ Comp Costs Under Control
At EJA/Capacity Insurance Agency, we understand that Workers’ Compensation can represent one of your largest business expenses. We not only will secure the coverage you need, but also, along with our insurance carriers, we’ll provide assistance in helping your employees recuperate and return to work. This serves to lower your costs by reducing the amount of time your workers are out due to an injury, and helps boost morale and productivity. We will also assist you with claims reporting and management, workplace safety programs, and accident and loss history evaluations to help reduce claims and expenses.
In addition, our staff can help you understand your experience modification factor (X-mod), a calculation that serves as the basis for your premium, and institute safety programs to help reduce it.