Workers’ Compensation Policy protects workers if they become ill or injured at the time of performing the job. The Benefits of workers’ compensation insurance in California include medical care, physical therapy, disability payments, lost wages, and death benefits.
In California, it is mandatory to get workers compensation insurance since the 1910s for all employers, even if the company only has one employee. Workers’ compensation also pays medical bills and benefits for temporary or permanent disabilities.
Who needs workers’ compensation policy in California?
Every state has a different policy for workers’ compensation insurance. If you’re a worker in California then it is mandatory for all employers even if the company only has one employee. It requires a business owner who can carry the workers’ compensation insurance California premium amount. If you’re a regular worker in California then you’ve to cover the policy even if the business is headquarter in another state.
Employers and employees are both protects by workers’ compensation settlements. In California, it creates a law to streamline the process of making sure the workers get benefits if they get injury. It also provides benefits to the employer from lengthy and expensive litigation and lost productivity. Employers have the liability to pay insurance amount if the employee blames the employer for the injury.
Top Workers Compensation Insurance Companies in California:
The top 5 Companies for Workers’ Compensation Insurance in California are given below:
| Company | Medical Benefits | Death Benefits | Disability Benefits | Vocational Rehabilitation | Pension Plan |
| State Compensation Insurance Fund | ✔️ | ✔️ | ✔️ | ✔️ | ✔️ |
| Berkshire Hathaway | ✔️ | ✔️ | ✔️ | ❌ | ✔️ |
| ICW | ✔️ | ✔️(Funeral Expenses only) | ✔️ | ❌ | ❌ |
| The Hartford | ✔️ | ✔️ | ✔️ | ❌ | ❌ |
| Travelers | ✔️ | ✔️ | ✔️ (Pay Nurse Expenses) | ❌ | ✔️ |
State Compensation Insurance Fund –
| Company Name | State Compensation Insurance Fund |
| Website | www.statefundca.com |
| Industries | Insurance |
| Headquarters | Sacramento, California |
| Founded | 1914 |
| Employees | 4,270 employees |
| Packages | $196,473 per year |
| Contact Details | (888) 782-8338 |
The State Compensation Insurance Fund is established in 1914. It is a self-supporting and non-profit company that provides workers compensation insurance to California Employers. This Company pays all the claim amount for medical expenses and compensation benefits in the first.
State Compensation Insurance Fund is a private company with an estimated 4,000 employees. In the United States, the company has a notable market share in at least one industry: Workers’ Compensation & Other Insurance Funds, where they account for an estimated 3.3% of total industry revenue.
Berkshire Hathaway –
| Company Name | Berkshire Hathaway |
| Website | www.berkshirehathaway.com |
| Industries | Insurance – Diversified |
| Headquarters | Omaha, United States |
| Founded | 1955 |
| Employees | 360,000 employees |
| Packages | $238,239 per year |
| Contact Details | 402 346 1400 |
Berkshire Hathaway focuses on insurance and reinsurance, freight rail transportation and utility, and energy generation and distribution business. The two companies merged in 1955 to establish the Berkshire Hathaway company.
It is established by Warren Buffett who owns a diverse range of private businesses such as Apple Company. Berkshire has significant holdings in many other publicly traded companies, including Coca-Cola, Bank of America, American Express, and Apple.
ICW (Insurance Company of the West) –
| Company Name | ICW (Insurance Company of the West) |
| Website | www.icwgroup.com |
| Industries | Group Insurance |
| Headquarters | San Diego, CA |
| Founded | 1932 |
| Employees | 962 employees |
| Packages | $41.72 hourly |
| Contact Details | (800) 877-1111 |
In 1932, the ICW is established by businessman and philanthropist Ernest Rady. ICW stands for Insurance Company of the West which helps the policyholder to achieve fewer and less costly claims. Basically, it offers workers’ compensation insurance, earthquake insurance, business interruption, and extra expenses coverage. ICW team is available through the website, social media, phone, or fax.
The Hartford –
| Company Name | The Hartford |
| Website | www.thehartford.com |
| Industries | Fire Insurance |
| Headquarters | Connecticut, CA |
| Founded | 1810 |
| Employees | 19,500 employees |
| Packages | $83k/ year |
| Contact Details | 1 (860) 547-5000 |
Workers’ compensation insurance helps employees to recover from work-related injuries and illness so that can start working again. It is established in 1810 as a Fire Insurance company. The Hartford company recognizes service excellence, sustainability practices, trust, and integrity. It also provides the policy benefit to the driver whose age is 50 or older.
Travelers –
| Company Name | Travelers Insurance Company |
| Website | www.travelers.com |
| Industries | Insurance agencies |
| Headquarters | San Diego, CA |
| Founded | 1864 |
| Employees | 30,000 employees |
| Packages | $99,500 per year |
| Contact Details | 75266-0307, 06183 |
It is founded in 1864 in California and now it’s been around for more than 165 years. This organization focuses to provide a healthy and safe work environment to employees as well as provide medical care so that they can return to their work again.
You can also get personal insurance in the United States because it offers a wide variety of personal and business insurance options.
Workers’ compensation insurance cost in California:-
The average cost of workers’ compensation insurance in California is $62 per month. The workers’ compensation premium amount is calculated on the basis of the below-mentioned factors:
- Payroll
- Location
- Number of employees
- Industry and risk factors
- Coverage limits
- Claims history
How do people get workers’ compensation in California?
Here we’re telling you the three ways of getting workers’ compensation insurance in California:
- You can purchase the policy from a private insurance carrier. You’ve to simply submit an online application to compare quotes from top-rated insurers.
- Purchase Policy from State Fund: In California, there has a Competitive state fund for this Policy: StateFund First.
- Self-Insure Business: Employers who can fulfill certain requirements of the policy, including at least three years in business, although you can apply to get the workers’ compensation policy from the Office of Self-Insurance Plans (OSIP).
Conclusion:
In this article, we have discussed the policies of workers’ compensation insurance in California and why it is important for every worker to obtain a workers’ compensation policy. It provides benefits to employees or workers who get injured or sick at the workplace. You can easily apply for getting the workers’ compensation policy.