Workers Compensation Insurance Georgia it is mandatory for every business who have three or more employees to purchase a workers compensation insurance policy. If a business is incorporated then corporate officers have to purchase for considered employees. Georgia state allows five officers to set the coverage on themselves. The waiving coverage does not mean that they don’t count for the purpose of being a business that employs three or more people.
Workers’ Compensation Insurance Cost in Georgia:
The average cost of workers compensation insurance georgia is $42 per month. Estimated employer rates for workers’ compensation in Georgia are $1.01 per $100 in covered payroll. In Georgia workers’ compensation law, coverage must begin for an employee from the first day of job or work. If an employee is suffering from a work-related injury then the company will pay the compensation amount and also pays the medical care provided by an authorized treating physician.
Workers’ compensation insurance covers emergency treatment, hospitalization, prescriptions, and physical rehabilitation. This policy also provides temporary partial disability benefits or temporary total disability benefits if a worker is not able to work. The amount is typically two-thirds of their average weekly wage.
Top companies of workers’ compensation in Georgia:
Below we mentioned the top best companies that provide workers’ compensation insurance in Georgia:
|Company Name||Medical Benefits||Lost Wages||Death Benefits||Temporary Disability||Life pension payments|
|Pinnacol Assurance Company||✔️||✔️||✔️||✔️||✔️|
|Everest Reinsurance Company||✔️||❌||✔️||❌||✔️|
|CNA Insurance Company||✔️||✔️||✔️||✔️||❌|
|SAIF (State Accident Insurance Fund) Corporation||✔️||✔️||✔️||✔️||✔️|
Pinnacol Assurance Company:
|Company Name||Pinnacol Assurance Company|
|President & CEO||John O’Donnell|
|Annual Revenue||$680.0M annually|
Pinnacol Assurance Company is working for over 100 years because it builds a forefront of protecting, understanding, and caring for Colorado workers and businesses. As it provides the largest workers’ compensation insurance carrier by providing a safe working environment to all the workers who work in Georgia. It offers comprehensive, competitively priced coverage, immediate attention to claims, and a highly qualified network of medical providers.
Everest Reinsurance Company:
|Company Name||Everest Reinsurance Company|
|President & CEO||Ray Kelly|
|Situated||8735 Dunwoody Pl # 6, Atlanta, GA 30350|
|Annual Revenue||$11.5B annually|
|Contact Number||(800) 693-6223|
Everest Reinsurance Company is a Bermuda-based provider of reinsurance and insurance. It works for over 50 years through subsidiaries in the united states, Europe, Singapore, Canada, Bermuda, and other territories. It leads the property and casualty reinsurance and insurance, offering innovative products, and responsive services.
CNA Insurance Company:
|Company Name||CNA Insurance Company|
|President & CEO||Dino Robusto|
|Situated||5565 Glenridge Con Ste #600, Atlanta, GA 30342|
|Annual Revenue||$12.146B annually|
|Contact Number||(404) 531-3400|
CNA stands for Continental National American Group which offers a wide range of services of property and casualty business insurance solutions. It helps you to manage the risks and grow your businesses profitably as it is also known as the CNA Financial Corporation. It is ranked 7th no. of all the largest insurance corporations.
SAIF (State Accident Insurance Fund) Corporation:
|Company Name||SAIF (State Accident Insurance Fund) Corporation|
|President & CEO||Chip Terhune|
|Annual Revenue||$47.0M annually|
|Contact Number||(503) 373-8000|
SAIF stands for State Accident Insurance Fund which is a not-for-profit and state-chartered workers compensation insurance company established in the United States. It offers the best value for responsive, hassle-free workers’ compensation coverage. The headquarter is established in Oregon that provides affordable insurance policy.
What are Workers’ Compensation Benefits covered in Georgia?
Insurance will cover all the basic facilities like medical care, temporary disability benefits, permanent disability benefits, additional job displacement benefits, and a return-to-work supplement. Workers’ compensation insurance also covers death payments. However, sometimes the issue arises if you and your owner can’t agree on whether you sustained harm on the job. Below mentioned is a list of the injured laborer with benefit entitlements in Georgia:
- Medical treatment fees
- Temporary disability payments
- Permanent disability payments
- Life pension payments
- Vocational retraining costs
- The cost of burial and death benefits
How is Workers’ Compensation Different From Health Insurance?
One major difference between workers comp insurance and individual health insurance is that workers’ compensation insurance applies only to workplace injuries, while health insurance is applied to non-work injuries.