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A workers compensation premium is what an employer pays an insurance company in order to gain workers compensation insurance for their employees. Employers are required by law to carry this type of insurance and may be subject to criminal charges leading to fines and/or jail time if found without workers compensation insurance coverage. Employers who are found without workers compensation insurance may also lose the right to practice in their professional field.
Workers compensation is governed by local, state, and federal law which requires that all employees be covered under workers compensation. Workers compensation laws were created in order to provide employees who suffer legitimate injuries, disability, or death arising as a result of their employment with compensatory benefits. These laws are aimed at preventing legal disputes and provide a “no-fault” system which protects both employees and employers from legal disputes and other adverse consequences of injuries that are sustained on the job.
A private employer is required to become self insures or obtain workers compensation insurance from a private licensed insurance company or a state insurance company that is authorized to provide workers compensation insurance. A workers compensation premium is the payment that an employer pays the insurance company in exchange for coverage. The responsibility of paying a workers compensation premium rests solely on the employer, and it is unlawful for employees to contribute to workers compensation insurance.
A workers compensation premium is determined by a number of factors. The amount of money that is required to meet a workers compensation premium payment is determined by: the businesss industry classification, the companys past history of work related injuries, the employers payroll, and any other special considerations such as the use of particular health care providers or participation in any other programs.
The government agencies that administrate and manage workers compensation compliance function with the goal of minimizing the adverse consequences of work injuries on both employers and employees. As a result of these goals, workers compensation agencies provide support and information to both employees and employers. Employers can contact the appropriate agency to find out what is required of them under workers compensation laws. Employers can also receive helpful information such as ways to lawfully reduce a workers compensation premium.
It is important to note that an employer commits workers compensation fraud if s/he unlawfully manipulates the facts in order to lower their workers compensation premium. This deceitful manipulation of the factors relevant to a workers compensation premium can include any falsification of facts, including the number of employees that are to be covered or the nature of their work. Paying a workers compensation premium is considered part of the cost of running a business, and is therefore considered wholly the responsibility of employers. Employers can be held legally liable for any breech of this requirement.
If you or a loved one have been injured while on the job it is important that you contact an experienced workers compensation attorney in your state. Workers compensation laws vary by state, and legislation can be complex, which is why it is very important to obtain the legal counsel of a workers comp lawyer who is familiar with your state's laws. Contact us today for a free consultation.
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