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Understanding Classification Rules in Workers’ Compensation

AMAXX

These rules not only influence the amount you pay in premiums but also help ensure that your company is correctly classified based on the work it performs. Misclassification can lead to costly errors, either by overpaying premiums or by facing penalties for underreporting risk. What Are Classification Rules?

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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 workerscompensation premiums each year, according to a new report from a state task force. Maryland’s Joint …

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Understanding Classification Rules in Workers’ Compensation

AMAXX

These rules not only influence the amount you pay in premiums but also help ensure that your company is correctly classified based on the work it performs. Misclassification can lead to costly errors, either by overpaying premiums or by facing penalties for underreporting risk. What Are Classification Rules?

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Understanding the Key Parties in Workers’ Compensation

AMAXX

Lets explore the roles of these critical players in a workerscompensation system. Insurance Company: The Risk Bearer Often referred to as the underwriter, insurer, or carrier, the insurance company provides the workerscompensation policy and assumes the employers risk.

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Understanding the Two Primary Benefits of Workers’ Compensation for Employers

AMAXX

Exclusivity: Protection Against Lawsuits One of the most significant benefits of workers compensation for employers is the exclusive remedy provision. 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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Coverage for Service Lines

Insurance Agency of Ohio

The premium for $10,000 coverage is $25 per year. Chances are, your insurance company doesn’t offer this coverage. The agency has been protecting their central Ohio clients with comprehensive insurance programs for over 50 years. The post Coverage for Service Lines appeared first on Insurance Agency of Ohio.

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Group Captives Offer Cost-Sensitive Companies Opportunities to Savein Face of Inflation

Triple-I: Workers Compensation

By Max Dorfman, Research Writer, Triple-I Today’s inflationary conditions may increase interest for group captives – insurance companies owned by the organizations they insure – according to a new Triple-I Executive Brief. Group captives can provide a viable way to protect companies across several lines of casualty insurance.