If you’re a construction business owner or contractor in California, you must have a good understanding of workers’ compensation insurance. Workers’ comp helps protect both you and your employees in case of work-related injuries or illnesses. Below, we’ll cover who needs workers’ … Continue reading
Mandatory California Marijuana Dispensary Business Insurance Requirements One of the biggest changes this year for businesses and business insurance is the legalization of adult recreational marijuana. It opens up a new industry that requires its own insurance guidelines that are … Continue reading
Tree trimming is a valuable industry that takes care of the community while dealing with risky working environments. California tree trimmers’ and arborists’ hard work and dedication should be matched with their business insurance quote to ensure full protection from … Continue reading
A vital part of any community is safety and protection, making security guards and security services extremely important. As a security guard, your job is not only valuable but also inherently dangerous. With the many risks you take for your … Continue reading
Temporary staffing agencies provide valuable and unique services, as they work with and connect employers to employees. This service also comes with unique liabilities so it may seem difficult and confusing to know where to start in buying insurance for … Continue reading
Part of the appeal of a California restaurant or bar is the lively and social atmosphere but that can also bring on high and unique risks to the business owner. Serving the general public food and alcohol can result in … Continue reading
For customers, dining at a restaurant is a time to relax, unwind, and treat themselves. This experience is created by the restaurant owners who ensure this with every choice they make, from the menu to the theme and ambience of … Continue reading
As we live in a day-to-day world dominated by technology companies such as Apple, Inc., it may surprise some to know that this multi-billion dollar corporation was created out of cofounder, Steve Jobs’ very own garage. Like Apple, Inc., a … Continue reading
ALL California employers must provide coverage for their California employees
Largely because of claims that occur, experience modifications, fraud and payroll amounts statewide
The Department of Insurance website, The WCIRB, The Insurance Journal and many other trusted sources
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.
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.
This is calculated based on your payroll, premium paid and by your reported losses for the last three consecutive years
The Department of Insurance regulates the laws and the State Senate makes them
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.
