Insurance compensation

Medical Programs. Large chemical plants have at least one hill-time physician who is at the plant five days a week and on call at all other times. Smaller plants either have part-time physicians or take injured employees to a nearby hospital or clinic by arrangement with the company compensation-insurance carrier. When part-time physicians or outside medical services are used, there is Httle opportunity for medical personnel to become familiar with plant operations or to assist in improving the health aspects of plant work. Therefore, it is essential that chemical-ha2ards manuals and procedures, which highlight symptoms and methods of treatment, be developed. A hill-time industrial physician should devote a substantial amount of time to becoming familiar with the plant, its processes, and the materials employed. Such education enables the physician to be better prepared to treat injuries and illnesses and to advise on preventive measures. 

Workmen s compensation insurance at statutory limits and employers liability insurance... 

Workers compensation insurance as required by laws and regulations applicable to and covering employees of the toller engaged in the performance of the manufacturing services. 

A) Workmen s Compensation insurance at statutory limits and Employers Liability Insurance at not less than (X) aggregate and... 

Workers compensation benefits pay workers for medical expenses and lost wages due to occupational injury or illness. In exchange for carrying workers compensation insurance, companies are protected against legal... 

Gruber, Johnathan, and Alan Krueger. 1991. The Incidence of Mandated Employer-Provided Insurance Lessons From Workers Compensation Insurance. In Tax Policy and the Economy 5. Edited by James Poterba. Cambridge Massachusetts Institute of Technology Press. 

Hendershot, D., Smaller Is Safer—Simplifying Chemical Plant Safety, Safe Workplace, National Council on Compensation Insurance, 750 Park of Commerce Drive, Boca Raton, FL 33487,2000. Hendershot is a senior technical fellow in the Process Hazard Assessment Department of the Rohm and Haas Company, Bristol, PA, and has written extensively on Process Safety. 

PAC s Payroll added costs Social Security, worker s compensation, insurance, and federal and state taxes. 

Ministry of Health Ministry of Health and Welfare Accident Rehabilitation and Compensation Insurance Corporation (semi-governmental)... 

Payroll charges should cover such items as social security, vacations, pensions, and compensation insurance. They may be estimated as a percentage of labor plus supervision the usual range is from 12 to 20 per cent of the sum of these items. 

Two-thirds of lost wages replaced by workers compensation insurance... 

Appel, David, and Philip S. Borba. 1988. Costs and Prices of Workers Compensation Insnrance. In Workers Compensation Insurance Pricing Current Programs and Proposed Reforms, Philip S. Borba and David Appel, eds. Huebner International Series on Risk, Insurance, and Economic Security, vol. 7. Boston Kluwer Academic Pubhshers, pp. 1-17. 

Hakala, Leslie Ann. 1994. Workers Compensation Insurance at Employee Owned Firms. Oakland, CA National Center for Employee Ownership. 

Workers compensation coverage is automatic e.g., employees are not required to sign up for workers compensation coverage. By law, employers are required to obtain and carry workers compensation insurance or be self-insured. 

A conclusion drawn from a study made by a major workers compensation insurer was that about 50% of reported claims and about 60% of their attendant costs had ergonomics implications. Similar data have been frequently published. As this information developed, safety professionals were required to undertake serious introspection concerning the content of their practice and how they spent their time. 

The workers compensation experience modification rating system is based on actuarial science. In an undated publication titled The ABC S of Experience Rating issued by the National Council on Compensation Insurance, these statements appear. 

Experience rating is mandatory for all employers who buy workers compensation insurance from insurance companies. For those employers, experience rating is one of the historical performance measures that can be used, cautiously, as an indicator of the quality of safety in place. Self-insured companies would not have workers compensation experience modifications. 

Do the OSHA statistics—the recordable case rate and the lost workday case rate —for an exposure of 1,000,000 hours have a confidence level of, say, 68.27%, as measures of the quality of safety performance An entity of this size would more than likely purchase workers compensation insurance and have an experience modification as an additional measure. 

The ABC of Experience Rating. New York National Council on Compensation Insurance, undated. 

The second reason management should consider a rework of their safety program is for financial reasons. A lack of safety and the resulting injuries are costly. To protect businesses against costly litigation, when injuries occur, they carry state-mandated worker s compensation insurance. Worker s compensation insurance costs may be equal to 2.5 percent of the average employee s wages. ... 

A company s injury history, both the frequency and severity of injuries, is one of the factors determining their workers compensation insurance premiums. Having a revamped safety program will drive down injury rates and, in turn, insurance premiums. But, that is only one of the costs associated with workplace injuries. Others include medical expenses for treatment of the injured and lost productivity. Below are some rather startling findings from a PBS Frontline program based on a University of Michigan Press publication, which examined workplace injury statistics for 1992. 

Worker s compensation insurance costs may be equal to 2.5 percent of the average employee s wages. 

Unlike other t3q)es of insmance, workers compensation insurance is one of the few that you can influence directly. You can significantly reduce the insurance premiums by having a safe workplace. 

You may use OSHAs 301 Injury and Illness Incident Report or an equivalent form. Some state workers compensation, insurance, or other reports may be acceptable substitutes, as long as they provide the same information as the OSHA 301. 

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