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The basic Workers Compensation and Employers Liability Insurance Policy has two parts:
A workers compensation insurance policy consists of one general section and six parts. Your policy will look like this:
GENERAL SECTION . This section indicates that the insurance policy, the Information
Page and all endorsements and schedules in effect on the inception date represent the
contract of insurance between the insured employer and the insurance company. It defines
who the insured is and explains how the workers compensation and employers liability
laws of the state apply. It also explains the meaning of workplace locations and defines
"State" to mean states of the United States and the District of Columbia.
The basic Workers Compensation and Employers Liability Insurance Policy can be amended and customized by a large number of
available endorsements that change or modify coverage, exclusions and changes in terms
and conditions. Some of these endorsements are required in certain states because of
the differences in the workers compensation laws and statutes of the individual states.
These endorsements fall into four broad general categories:
Monopolistic states set their own insurance rates, do not allow private insurance companies to sell coverage and they operate
their own state fund for all workers' compensation policies in the state. In effect,
the have a monopoly on this line of coverage. Since monopolistic states do not fall under
the jurisdiction of NCCI or utilize private insurance carriers, they generally do not
include coverage for employers liability insurance. Monopolistic states include:
Employers who operate in a monopolistic state can seek employers liability coverage as an endorsement on the general liability
policy. This coverage is commonly known as
Stop Gap Coverage.
Workers compensation insurance is managed separately by each state in the U.S. Our agency helps business owners find more
affordable employers liability insurance by shopping coverage with insurance
companies that offer lower rates and more policy credits for coverage.
Private insurance companies have different appetites and underwriting guidelines depending on their performance in each state.
Workers comp rates and pricing can vary tremendously from one carrier to the
next. We want to help you find the very best deal on coverage in your state.