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Workers' compensation insurance covers you and your employees for work related bodily injury by accident or disease. Coverage is written on what's referred to as a statutory basis, meaning that claims benefit levels are set by the applicable workers' compensation or occupational disease laws of each covered state and is provided on a no-fault basis. Additionally, coverage is also provided for Employers Liability Insurance (EL), which covers the employer for sums you legally must pay as damages. This coverage is usually expressed as follows:
Bodily Injury by Accident (each accident)
Bodily Injury by Disease (each employee)
Bodily Injury by Disease (policy limit)
The minimum limits in Kentucky by statute are $100,000/$100,000/$500,000. KARE makes higher limits available by request, up to $1,000,000/$1,000,000/$1,000,000. Higher limits are available by special exception.
Some insurers can only cover your employees while they work in the state of Kentucky. Many Kentucky employers, however, may have employees that travel out of state or may have associated operations that are physically located outside of Kentucky. KARE can provide coverage for your employees in all 42 non-monopolistic states* coast to coast under one policy, making your coverage decision easier and providing one bill for all your workers' compensation coverages. With KARE, there's no need for multiple policies for multiple states.
*Monopolistic states include North Dakota, Ohio, Washington, West Virginia, and Wyoming.
Premium payments can be made in any of 4 convenient installment options, with no interest and no per installment charge:
Annual (1 installment)
Quarterly (4 equal installments)
Monthly (12 equal installments)
Preferred (25% down and the balance payable in 9 equal installments)
Every workers' compensation policy is written on an auditable basis, meaning that the premium charged is based on your best estimate of what your payrolls by classification will be at the beginning of the policy period. Many businesses have payroll fluctuations throughout their policy term, both upward and downward, due to changing economic conditions and business expansion or shrinkage. So that your premium is accurately reflected based on your actual payroll by classification, not estimated, a payroll audit is conducted at the end of the policy term to determine exact payrolls during the policy period. The audit may result in either a premium return or addition. KARE utilizes ChoicePoint ECS, a national provider of payroll audit services to conduct the end of policy review, and any adjustments are generally processed within 60 days of your policy expiration.
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