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Maryland Report Says Many Workers Misclassified, Costing $59M in Workers’ Comp Premiums

Insurance Journal

Worker misclassification in Maryland is widespread, leaving thousands of workers without injury protection and depriving insurance companies of more than $58 million in workers’ compensation premiums each year, according to a report from a state task force. Maryland’s Joint Enforcement …

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Maryland Report Says Many Workers Misclassified, Costing $59M in Comp Premiums

Insurance Journal

Worker misclassification in Maryland is widespread, leaving thousands of workers without injury protection and depriving insurance companies of more than $58 million in workers’ compensation premiums each year, according to a new report from a state task force. Maryland’s Joint …

Premium 221
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Contractor Insurance is Essential for Home Improvements

Boyle Agency Insurance

The Significance of Contractor Insurance Contractor insurance serves as a safety net, shielding both homeowners and contractors in case of unforeseen incidents during home projects. It ensures that the contractor is financially equipped to handle damages or injuries that may occur on-site.

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Understanding Classification Rules in Workers’ Compensation

AMAXX

Classification rules are guidelines used by rating bureaus and insurance companies to categorize businesses based on the type of work they perform. The purpose of these rules is to ensure that employers pay an appropriate premium that reflects the risk of workplace injuries associated with their industry.

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Understanding the Key Parties in Workers’ Compensation

AMAXX

Insurance Company: The Risk Bearer Often referred to as the underwriter, insurer, or carrier, the insurance company provides the workers’ compensation policy and assumes the employers risk. These external companies specialize in claims management, ensuring that each claim is handled efficiently.

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Understanding the Two Primary Benefits of Workers’ Compensation for Employers

AMAXX

While their primary purpose is to ensure employees receive medical and wage replacement benefits for work-related injuries, they also offer critical advantages to employers. Under this system, employees who accept workers compensation benefits for a work-related injury or illness forfeit the right to sue their employer for negligence.

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5 Proven Strategies for Physician Oversight to Contain Workers’ Comp Medical Costs

AMAXX

Employers and insurance companies face the challenge of controlling medical costs while ensuring that injured employees receive the care they need. Diagnosis and prognosis remain unclear, or the disability period is disproportionate to the injury. There are conflicting opinions among treating physicians.