The standard workers compensation policy consists of two coverages. Coverage A provides the state-mandated Workers Compensation coverage. Coverage B is Employers Liability which provides coverage for worker injury liability situations not covered by Coverage A. The four states where workers compensation must be purchased through a state fund do not provide Coverage B so it must be purchased from another … Read More
Workers compensation insurance is based on a system of state laws that require employers to provide medical care, disability benefits, and lost wages to employees injured or disabled in the course of their employment. Most markets provide workers compensation coverage on a monoline basis to both standard and difficult-to-place risks:
This coverage is an important part of any self-insured workers compensation program. The insured first must qualify as a self-insurer and then post the required bond with the state industrial commission. Because loss experience can be unpredictable, the insured purchases excess insurance that triggers above a specified retention level. The excess insurance carrier pays losses above the insured’s retention up … Read More
Special bonds are required of organizations that choose to self-insure their workers compensation exposures. They must apply to the state’s Workers Compensation Board, register to be a self-insurer, and post a bond that guarantees that claims will be paid.