Employees are one of the biggest assets of a company. Their physical and mental health is important to the success of any business. In certain laborious jobs, employees are prone to accidents and physical injuries. There are certain insurance policies in place that make healthcare affordable for the average citizen. One such policy is workers’ compensation insurance which provides compensatory benefits for workers that sustain a physical injury or an illness while performing their job.
Let us take a detailed look at Worker’s Compensation Insurance and how it works for the state of Georgia.
What Is Workers’ Compensation Insurance?
- Workers’ Compensation Insurance is a government-mandated program that offers monetary and healthcare benefits to workers who become injured or fall ill as a direct result of their work. It is basically a disability insurance program that looks after the welfare of the employees and ensures that the business shares the cost incurred due to any physical injury or harm.
The rules for the Workers’ Compensation Program differ from state to state.
An Overview of Worker’s Compensation Insurance in Georgia?
What are The Eligibility Criteria for Having Worker’s Compensation Insurance in Georgia?
- In Georgia, all businesses with three or more regular employees should have Worker’s Compensation Insurance. All employees who work for a business on a regular basis, whether part-time or full-time, are considered regular. This Compensation Program is eligible for all regular employees irrespective of their average weekly wage.
For LLCs or incorporated businesses, the corporate officers are considered employees.
How Is Premium Calculated for Workers’ compensation insurance in Georgia?
In Georgia, the average estimated cost for worker’s compensation is $42 per month. In other words, Worker’s Compensation in Georgia costs around $1.01 – $1.64 per $100 of payroll.
To calculate the premium on Workers’ Compensation, consider the following factors:
- Payroll
- Location of the business
- Number of employees
- Nature of business and associated risk factors
- Coverage limits
- Claims history
What Benefits Are Covered Under The Workers’ Compensation Program in Georgia?
The Workers’ Compensation Program in Georgia offers the following benefits:
- The compensation program coverage applies from the first day of employment.
- In the event of a physical injury, the cost of medical care for the treatment will be covered under the program. This includes emergency treatment, prescriptions, physical rehabilitation, and hospitalization charges.
- Suppose the employee has to take some time off from work due to an injury. In that case, he will receive temporary disability benefits, which are usually equal to two-thirds of the average weekly wage.
- In the event of a fatal accident, the workers’ compensation program will provide the funeral cost and death benefits for survivors of the deceased.
As per the law, it is mandatory for businesses operating in Georgia to have Workers’ Compensation insurance. This program not only benefits the employees but protects the employer and business from the financial costs of workplace accidents as well.
To learn more about Workers’ Compensation Insurance in Georgia, contact ACI Insurance. Our office is located in Haverlake Circle Apopka, Florida. Call or message us at 407-272-1976 or 407-890-8897.