ALL California employers must provide coverage for their California employees
JVRC Insurance Services is Now on Social Media!
JVRC Insurance Services is now on Twitter, Linked In, Google Plus, and Facebook. Connect with us on these sites to keep up with our latest blogs, industry news articles, changing laws, new programs we offer and much more! We pride ourselves here at JVRC Insurance in our attention to keeping up with the latest trends in the industry to better serve you, our clients.
We are constantly doing research in our field and want to share it with you. We are actively using all of these social media sites to be able to connect with you however we can. By connecting with you the consumer on these various sites we are able to get you up to the minute information which helps your business as well as our business thrive. After all, knowledge is power right?!
If you are not currently connected with us, if you could please take a minute to like our pages or follow us via social media we would greatly appreciate it. In turn we will gladly do the same for you! In business one of the most important tools we have is being able to network and promote ourselves however we can. What better way to do that than through people we know and trust?
Recent Blogs
Frequently Asked Questions about Business Insurance
Why is California Workers Comp Insurance so expensive?
Largely because of claims that occur, experience modifications, fraud and payroll amounts statewide
Where do we get the information we post on our blog site?
The Department of Insurance website, The WCIRB, The Insurance Journal and many other trusted sources
What is an experience modification?
It’s a percentage that compares the payroll and loss history of your company to a similar-sized company within the same industry. For example, if a company has a better than average loss record, their experience modification would be less than 100%. If that is the case you would receive a credit on your Workers Comp rates. If that is not the case however it would result in the opposite, an increase in rates. The experience modification can be closely compared to an individual’s credit score.
Why is Workers Compensation Insurance a necessary requirement?
It is illegal in the state of California to not carry it. There will be penalties, fines and many other consequences if a worker is injured and you do not carry it. Furthermore if there is a claim and you do not have California Workers Compensation Insurance at the time the employer is still liable for all costs relating to the injury which can be devastating to any company.
How does your insurance carrier determine what your experience modification number is?
This is calculated based on your payroll, premium paid and by your reported losses for the last three consecutive years
Who regulates and makes California Workers Compensation laws?
The Department of Insurance regulates the laws and the State Senate makes them
What is a Classification or a class code?
It’s a component used determine the price an employer pays for their workers’ comp insurance premium. Classifications are established for each industry and typically include all jobs or operations within a particular business.