Workers’ compensation insurance in Georgia is based on the rate schedule and classification of each employer. Rates can vary depending on the individual’s occupation, industry and size of their business. In general, employers are required to purchase coverage through an authorized insurer with rates ranging from $1 to over $10 per $100 of payroll. Businesses may be subject to additional fees such as a policy fee or other surcharges. For more information about workers’ compensation insurance rates in Georgia please contact the State Board of Workers’ Compensation.
Contents:
- Overview of Workers’ Compensation Insurance in Georgia
- Who is Required to Purchase Coverage?
- When Does an Employer Need Coverage In Georgia?
- What Costs are Involved with Workers’ Compensation Insurance in Georgia?
- Where Do You Find a Provider for Workers’ Compensation Insurance in Georgia?
- Tips for Lowering Your Premiums on Workers’ Compensation Insurance
Overview of Workers’ Compensation Insurance in Georgia
Georgia is one of the few states that require all employers to purchase workers’ compensation insurance. According to the Georgia State Board of Workers’ Compensation, no business can legally operate without this coverage. To ensure maximum protection for their employees, employers must adhere to Georgia laws and regulations when it comes to purchasing the right policy.
The amount businesses must pay in premiums is determined by several factors, including how much wages are paid out and what kind of risks are associated with certain jobs. Premiums are calculated using different class codes assigned to various occupations and depending on the size of a company’s payroll. For example, professions with high injury rates typically have higher premiums than those where injuries rarely occur. Companies with more total employee wages will likely need to pay larger premiums due to an increased risk factor.
Businesses should also be aware that there may be additional costs related to any claims filed against them–either from their employees or from third parties–which must be factored into account before budgeting for workers’ compensation insurance in Georgia. As such, understanding specific state requirements and assessing individual work-related risks is key when making sound decisions about business protection plans in the Peach State.
Who is Required to Purchase Coverage?
If you are an employer in the state of Georgia, then there is a legal requirement that you carry workers’ compensation insurance to cover medical expenses and wage losses should any of your employees be injured or killed on the job. All employers, regardless of size, must comply with this law. This includes both public and private entities ranging from construction businesses to janitorial services.
In some cases, certain types of self-employed individuals may also need to purchase workers’ compensation insurance if they employ one or more people for 40 hours per week over a 13-week period during a year’s time. Even contract labor requires employers to ensure their subcontractors have sufficient coverage; otherwise, it is possible to assume liability for any injuries or deaths that occur while the contract worker was employed by them.
Substitute teachers hired on an as-needed basis must also be provided with workers’ compensation protection since they do not receive traditional employee benefits due to their temporary work status. Volunteers performing unpaid work under the direction and control of your business may likewise require coverage under these same laws in order for employers to safeguard themselves against potential claims arising out of such activities.
When Does an Employer Need Coverage In Georgia?
In the state of Georgia, employers are legally required to have workers’ compensation insurance for their employees if they have three or more employees or a sole proprietor with at least one employee. This legal obligation applies to most businesses, regardless of their size and scope of operations. It is important for employers to be aware that the State Board of Workers’ Compensation will hold them accountable if they fail to provide proper coverage for any injuries sustained by their employees while on the job.
Depending on a business’s specific situation, it may be required to purchase workers’ compensation insurance even if it has fewer than three full-time staff members. For example, in cases where an employer has two part-time employees who work 20 hours per week each, they must still obtain coverage since those two individuals count as having four full-time equivalents (20 x 2 = 40/40 = 4).
It is also important for employers in Georgia to understand that contractors and temporary workers are counted towards this legal requirement as well. In other words, employers must provide coverage for these individuals just like any other regular worker who works directly with them – regardless of how few or many there may be present during any given time period.
What Costs are Involved with Workers’ Compensation Insurance in Georgia?
When it comes to workers’ compensation insurance in Georgia, there are several costs associated with this form of coverage. For example, employers must cover the medical care of an employee that has been injured or become ill due to their job duties. This includes hospital stays, physician visits, prescriptions, and any related medical services or products. Lost wages may also be provided for employees who are unable to perform their normal job duties due to an injury or illness. This can include up to two-thirds of the employee’s average weekly wages during the time they were off work, as well as compensation for vocational rehabilitation if necessary.
Employers may also need to provide death benefits in order to pay funeral expenses and support surviving family members when a workplace accident leads to fatality. According to Georgia law, these benefits should be issued at twice the amount of the deceased’s average weekly wage but no more than $10,000 total. Funeral expenses up to $7000 can be covered by this policy as well.
Employers who purchase workers’ compensation insurance in Georgia must pay premiums depending on their payroll size and industry risks associated with that sector. The exact cost will depend on a number of factors such as type of business and number of employees; however premiums are typically determined by applying rates published by the State Board of Workers’ Compensation Commission which ranges from about 2% – 5%. It is important for business owners in Georgia to research workers’ comp insurance before making a selection so that they know what fees and liabilities they could face down the line if an employee were hurt on their watch due to their regular job tasks.
Where Do You Find a Provider for Workers’ Compensation Insurance in Georgia?
Finding a provider for workers’ compensation insurance in Georgia can be overwhelming, as there are many options available. The most important factor to consider when looking for a provider is the coverage and rates that they offer. To ensure you get the best deal and coverage, compare several different providers before making your decision.
One of the top options for workers’ compensation insurance in Georgia is GaCompAssure, which provides competitive rates for employers throughout the state. They are committed to providing personal service, along with tailored solutions that meet each employer’s unique needs. They have a range of resources and tools to help employers find the right plan for their company, including an online rate calculator and educational materials about workers’ compensation laws in Georgia.
Georgia Insurance Marketplace (GIM) is another option offering qualified employers access to quotes from multiple workers’ compensation carriers across the state. GIM allows businesses to explore various plans side-by-side so they can make informed decisions regarding their coverage selection as well as pricing comparisons between different providers. Employers can also receive assistance filling out forms related to policy changes or claims processing through this platform if needed.
Tips for Lowering Your Premiums on Workers’ Compensation Insurance
When acquiring workers’ compensation insurance in Georgia, premiums can be a major factor that affects your business budget. As such, taking steps to lower your premium payments is critical for any employer. Here are a few strategies you can use to save on your workers’ compensation insurance costs in Georgia.
The most straightforward way of reducing your overall premiums is to increase the deductibles you pay out-of-pocket before the insurance company pays their portion of the claim. This strategy can reduce cost significantly, but does not affect the quality of coverage and makes sure that a larger share of the expenses come from your pocket if an employee is injured or disabled on the job.
Another helpful tactic is to ensure that all paperwork related to claims and incidents are filed as quickly as possible; this gives more time for any errors or discrepancies to be corrected while they are still relatively minor and much cheaper than if they were left unresolved until later. Frequent workplace inspections and continuous employee training will help cultivate a safe work environment where fewer accidents occur thus lowering risk exposure – ultimately resulting in lower premiums due when renewing the policy with insurers.
