The Dos and Don’ts of a Workers Compensation Policy for Architects and Engineers
Workers Compensation provides medical benefits when an employee is injured on the job. Here are a few reminders to keep in mind about the policy below:
Do include all employees’ salaries and job descriptions when applying for the policy. You want to verify that you have the most accurate information possible when setting up your policy. This is an auditable policy and you don’t want to have a large discrepancy when you do complete the audit.
Don’t forget to complete your Workers Compensation audit. This provides the insurance company the most accurate salaries, from the past policy period, on your employees. The insurance companies will ask for documentation for the audits. If this documentation is not provided then the insurance company will do an estimated audit.
Do indicate your preference of having the officers of the company included on the policy or excluded. There will be a waiver to sign if you choose to exclude officers.
Don’t forget that if an officer is included the salary will be limited based on the State requirement (this will vary by state and year).
Do let your agent know if your firm does any work in the monopolistic states (North Dakota, Ohio, Washington and Wyoming). These are states that have their own Workers Compensation policy and may require that you obtain that policy for the specific state.
Don’t forget to let your agent know if you have any major changes to your firm or the salaries of the employees within a policy period.
Do provide your FEIN for the policy, this is required by the insurance companies and the states.
Don’t forget to provide certificates of insurance for the sub consultants your firm works with when completing the audit. The certificate of insurance shows that the sub consultant has their own policy and therefore your firm won’t be charged an additional premium for their firm.
There are quite a few state rules when it comes to Workers Compensation, please be sure you call or email your PUI Agent with questions.