When you have employees you need to make certain your Marijuana Business Insurance program includes workers compensation insurance. This covers the state-mandated benefits for medical expenses and lost wages to employees injured in the course of employment, in exchange for mandatory relinquishment of the employee’s right to sue their employer for the tort of negligence. This trade-off is known as … Read More
The Basics of Restaurant Workers Compensation Insurance
Restaurant workers compensation insurance is one of the necessary restaurant insurance policy coverage basics that you need to have in place. The coverage provides funding for injured employees, and you also receive protection from lawsuits stemming from a worker’s injuries. State laws govern workers’ compensation, and every state has a slightly different set of rules and payment rates. It’s important … Read More
How Experience Rating Affects Restaurant Workers Compensation Rates
I’ve already addressed how your restaurant workers compensation insurance rates are determined. The four factors are: The market tier you are in, either ‘Preferred’ or ‘The Pool’ Employee classification Your exposure which is the gross payroll per classification Experience Modification Factor also know as Experience Rating In workers compensation, the Experience Modification Factor is one of the critical components of … Read More
Workers Compensation Cost Containment Strategies
As a restaurant owner you have controllable costs and fixed costs. When it comes to fixed costs you hold onto your financial books and hope for the best outcome. However, you can proactively work to get control over your controllable costs, but it does take an effort. One such controllable cost is workers compensation. You’ll need to start by understanding … Read More
Tips to Reduce Restaurant Workers Compensation Claims
Outside of having a cost effective restaurant insurance program in place your restaurant needs to operate without mishaps and injuries to your employees as this can cost you greatly. As I previously explained your restaurant experience modification affects your restaurant workers compensation rates, the other area that directly affects the cost for workers compensation are your restaurant workers compensation claims. … Read More