Workers Compensation Insurance

Business Insurance

Workers Compensation Insurance

Choice, product, and price. We do workers compensation insurance differently. Although cost is an important consideration, it certainly isn’t the only one. Your ideal policy may be a traditional plan, high deductible strategy, pay-as-you-go, self-insured, or any combination thereof. As an independent insurance agency, we represent many insurance companies and know the strengths of each. We will shop your coverage and present options. We also offer many business tools and resources to help lower claim costs, reduce premiums, and protect your business.

Lead with choice. Save on price.

We Can Insure

Routine operations to the toughest classes of business, including:

 We offer

  • Direct access to top-tier insurance companies
  • High experience modifications OK
  • Poor loss history OK
  • Experts on moving businesses out of
    state assigned risk pools.
  • Risk control strategy
  • Expertise with courteous service

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At Bankers Insurance, the client is always in control.

Bankers Insurance works hard to save your business money on workers compensation insurance.  Through both direct contracts and brokerage agreements, we access virtually the entire workers comp market. When we shop your coverage, your business is provided maximum market exposure.

If your business is currently in the state’s assigned risk workers compensation pool, take heart. We specialize in getting businesses out of state pools and into the voluntary market. We are not miracle workers, but are good at what we do. Each year we save new clients hundreds of thousands of dollars by shopping their insurance for them.

Our workmans comp insurance products include:

  • Traditional, guaranteed cost policies
  • Pay-As-You-Go
  • Experience Rated
  • Self-Insured Groups
  • PEOs
  • Captives
  • Off-Shore

Workers Compensation Insurance Quote Request

  • Prefer a quote by phone? Call (877) 606-1375.
  • We currently only quote new clients located in DC, MD, NC, SC, TN, VA, & WV.
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Workers’ Compensation Insurance Services

With Bankers, you aren’t just getting a workers compensation policy.  We offer an entire suite of services, most at no cost to our clients, that will help you reduce workers compensation costs, provide a safer work environment, comply with OSHA regulations, and manage your business more efficiently.  Services may vary depending upon your insurance company.  We offer:

  • Employee manuals, tailored to your industry
  • Documented worksite safety manuals and programs
  • Workers Compensation Experience Modification Review.  Does your experience modification contain errors?
  • Accident Investigation Guides
  • OSHA 30-hour training
  • OSHA visit preparation guides
  • OSHA Compliance Services Portfolio
  • Safety assessment and benchmarking tools
  • Supervisor accountability programs
  • Best practices assessment / gap analysis
  • Exposure reduction consultations
  • Regulatory guidance

Other Services and Resources

Workers Compensation Insurance Basics

In the event that one of your employees is injured on the job, workmans comp will cover their medical costs and lost wages during the recovery period. Whether or not your business carries coverage, your employees are entitled to these benefits by law. Be certain your business maintains proper workers compensation insurance to protect your employees and your business.

Who is considered an employee?

This varies by state, but generally an employee is anyone who:

  1. Is paid, and
  2. The employer can hire and dismiss them, and
  3. The employer exercises control over how the work is performed.

For the first point, the employee can be paid by any means, whether by 1099, W-2, or cash. If they are compensated, #1 is satisfied. The second point addresses the employer’s authority. If the employer decides whether that person does or does not fill the position, they qualify. The third and last point amounts to how much control is exercised over the employee. This is, admittedly, where gray areas arise. But generally, if an employer tells someone how to do the job and provides tools for the work, they qualify.

Are subcontractors employees?

Review “Who is considered an employee?” above and our article on Subcontractors and Workers Compensation.

What are the reporting procedures for injuries and illnesses?

If employees are injured, they should notify you immediately to file a report. This will initiate the process for receiving workers compensation insurance benefits. Review our Workers Compensation Claim Instructions.

How are employees reimbursed?

Lost compensation is payable during the time period in which employees are authorized by their treating physicians. Benefits are paid weekly at a state-specific percentage rate of their average weekly wage, up to a maximum dollar amount. There is also a state-specified waiting period before benefits are available. Contact Us for details regarding your state.

What is an independent medical exam (IME)?

An IME is an exam by a medical professional other than the physician who first examined an injured or ill employee. As the employer you can request an IME to confirm an original diagnosis and treatment plan.

What happens if employees do not comply with recommended treatments?

Non-compliance with recommended medical treatments, therapy or return-to-work plans may jeopardize workers’ compensation benefits.

Tips for Controlling Costs

Maintaining a safe workplace is vital. This is often the most inexpensive way to control your workers compensation insurance costs. A safe workplace means lower claims which means lower insurance costs in the long term. Here are some other ways to control costs:

  • Implement a return-to-work policy in which employees work modified duty until they are fully healthy to do their jobs.
  • Orient and train your employees on safe practices necessary for their job functions and tasks.
  • Insist that employee claims be reported promptly.
  • Investigate the cause of injuries and illnesses.  Take action to prevent such an incident recurring.

Why Bankers Insurance?

Anyone can be an order-taker.  Bankers Insurance is different.

We don’t expect clients to be workers compensation insurance experts. Take advantage of our experience. We can explain options and help you determine coverage that suits your needs.

As your insurance agent, we strive to know you. Only then can we suggest coverage that fits your specific business. We look for coverage gaps and offer protection. With us, you get the benefit of:

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