Common questions on the workers compensation policy for architects/engineers-
There are many questions that come up on the workers compensation policy, here are some of the more common questions.
Does my firm have to report every time there is a salary change? The answer is no, unless it is a large amount of salary change. The workers compensation policy is an audited policy, and the salaries will be revised at the end of the policy period.
What if my firm has employees working in a different state? If the employee is only there temporarily that does not need to be reported. However, if an employee is domiciled in a different state let your insurance agent know. That state will be added to the policy unless it is a monopolistic state (Ohio, Wyoming, Washington, and North Dakota).
What if my firm has employees in monopolistic states? Your firm will need to get a separate policy from that specific state. These states are not covered under a workers compensation policy, they have their own state fund.
Can owners be excluded from a workers compensation policy? Yes, the owners can be excluded from the workers compensation policy with a signed exclusion form. Employees must be covered but by law owners are not required to have the coverage themselves.
What if my firm doesn’t complete the workers compensation audit? If your firm doesn’t complete the audit the insurance company will do an estimate on the audit which can be higher than if the audit was completed. It is always the most accurate on the premium if your firm does complete the audit.
If your firm has additional questions on the workers compensation policy for architects/engineers please call, or email, your Professional Underwriter agent for assistance.