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California Workers Compensation Insurance
Schaedler Insurance specializes in workers compensation insurance for many types of businesses, with a unique niche in providing workers comp for California contractors. Regardless of the type of business you have, our team of seasoned professionals can help you obtain the most competitive rates available, as well as provide loss prevention services that will keep your employees healthy, and your workers comp premiums low. Whether your business is a new venture or a well established leader in your industry, Schaedler Insurance has the resources to provide the most comprehensive workers compensation packages available. Below is a small selection of the industries we serve:
Contractors Office/Clerical
Small Businesses Industrial
Manufacturers Service Providers
If you are unfamiliar with workers comp coverage’s and benefits, this section provides an overview of California workers compensation insurance.
How Are California Workers Compensation Insurance Rates Determined?
The rates a business owner pays for workers comp insurance are based primarily on the industry classifications assigned to each worker in the business by the WCIRB. Each insurer assigns a “base” rate for each classification that may then be “modified” up or down based on rating plans (usually underwriting judgment or scheduled ratings), as well as an experience modification when applicable. This modified premium for each classification is expressed in dollars and cents and is multiplied by each $100 of payroll for a given classification. The sum of each of these calculations is then added together to come up with the total workers comp premium. The lowest risk occupations such as clerical workers have the lowest pure premiums, while the highest risk workers, such as roofers, have the highest.
Getting a California Workers Compensation Insurance Quote
Getting a California workers compensation quote is simple. Just complete the contact form at the top of this page and a workers compensation expert with Schaedler Insurance will contact you shortly to collect your business information and answer any questions you may have. Accurate workers comp quotes will require a copy of your loss experience history from your current insurer. If you don’t have a copy, we can help arrange this as well.
Frequently Asked Questions (FAQ) –Workers Compensation Insurance (CA)
How is California workman’s comp coverage structured?
Workman’s compensation insurance, also know as workman’s comp, is structured to be the sole remedy for injured workers. When an employee is injured in the course of work, the employer agrees to assume complete liability for the injured worker and workers compensation insurance is the source of funds to provide benefits as discussed in the paragraph above. An employer is not responsible for injuries or diseases that are not considered work related.
What is an experience modification?
An experience modification is a discount or surcharge applied to some businesses based on their claims experience relative to similar businesses over a period of three years. Each year, your workers comp insurance company reports your businesses claims experience to the Workers Compensation Insurance Rating Bureau (WCIRB) which then applies this history to a mathematical formula that will result in a discount or surcharge from the base rates of your workers comp insurance policy. An experience score less than 100 will result in a discount, while those over 100 will result in a surcharge, and a score of 100 results in no change. Not all companies are experience rated. According the WCIRB, about 120,000 of the 500,000 plus employers in California are eligible and among other requirements, each business must have at least $16,300 in pure premium each year.
For a complete guide to workers comp guidelines, please download the California Department of Insurance Guide to Workers Compensation.