Workers compensation is a social insurance program designed to resolve disputes between injured employees and their bosses.
Basic Facts About Worker's Compensation
Most businesses should have a worker's compensation plan. If you employ four or more people, your company is legally required to get coverage. This ensures that employees are compensated for medical bills, lost wages and other expenses if one of your employees gets hurt on the job. Workers compensation insurance covers both acute and chronic occupational injuries and diseases.
Avoid Unnecessary Costs
Having worker's compensation coverage is not optional. Let TelePay help you optimize your operation and eliminate onsite work injury and legal risks.
Known as "Pay-As-You-Go" workers comp is an alternative way for employers to make their premium payments; it doesn’t replace your workers comp insurance or your responsibility to pay premiums, collect/issue certificates of insurance from subcontractors, etc.
A "Pay-As-You-Go" premium payment system allows policyholders to make smaller, more frequent premium payments through each payroll period. This approach calculates the workers’ compensation premium from a company's payroll figures and assigned classifications every time payroll is processed.
State-mandated assessments, taxes and surcharges are collected in accordance with state law. Payroll information is submitted to the insurance carrier by a policyholder or by their approved payroll service provider.
Your coverage must still be provided through a state-approved workers comp insurance carrier or approved self-insured source.