The following information is intended for educational purposes only and is not intended to be nor should it replace legal advice.
Premium for workers' compensation insurance is based on factors such as the amount of wages paid by the employer and the type of work preformed (classification code) by the business. Other factors may affect the classification such as your experience modifier.
CompSource Mutual offers a prompt pay discount of 1 percent of the total premium to policymembers who pay their monthly or quarterly premium on or before the due date.
Our premium billing department can be reached at (405) 232-7663, ext. 5105 or (800) 347-3863, ext. 5105 to explain your bill, give you a balance or help you with any other billing question you may have.
Workers’ compensation premiums do not automatically increase in the same way as auto or other liability insurance. However, policymembers whose claims experience is unusually adverse may receive a premium adjustment to more adequately reflect the account’s loss experience.
Working with an agent does not change or impact the policymember’s premium rates.
If it is determined that an employer-employee relationship existed during the policy period with an uninsured subcontractor, CompSource Mutual will charge you additional premium for assuming the risk of a claim against you for an injury to a subcontractor and/or their employees.
The safest way to protect your business from claims and additional premium is to require certificates of workers' compensation insurance from all subcontractors before they begin working for your business.
There are many factors used when determining if a subcontractor is an employee or an independent contractor. Each situation is unique and therefore must be evaluated on a case-by-case basis.
An independent contractor is defined by law as one who engages to perform certain services for another, according to his own manner, method, free from control and direction of his contractor in all matters connected with the performance of the service, except to the result or product of the work.
Policy coverage is effective at 12:01 a.m. the day after we accept the properly completed application, specified premium and any specially requested documents, forms or agreements; unless a future effective date has been arranged.
Approximately 45 days before the expiration of your current policy, you will receive a renewal packet with an Authorization to Renew form that must be signed by an officer, partner or sole proprietor and returned before the renewal date.
A Certificate of Insurance issued by an insurance provider certifies to a third party that you have workers' compensation coverage.
You may request a Certificate of Insurance from CompSource Mutual by clicking here to complete the Certificate of Insurance request form or by calling a member of our underwriting staff at (405) 232-7663, ext. 5107 or (800) 347-3863, ext. 5107. When requesting a Certificate from CompSource Mutual, have available the name and address of the person or business requesting the Certificate.
If an employee’s contract of employment was entered into within the state of Oklahoma and the employee is injured or suffers occupational disease while temporarily working out of state, the employee may elect to file a claim in the state where the injury or occupational disease occurred. In this event, CompSource Mutual will pay the employee benefits as required in that state. In the absence of such election, the claim should be filed in Oklahoma and CompSource Mutual Mutual will pay benefits as required by Oklahoma law.
Yes, reporting a claim does not imply you agree that it was work-related. When you report the claim, indicate that you question that it was work-related.
Premium Audit: Documentation for Subcontractors and Independent Contractors
CompSource Mutual's premium auditor will ask to see a Certificate of Insurance for each subcontractor you hired during the policy period and/or documentation regarding the business relationship between the you and the subcontractor. If after reviewing the documentation it is found that employer-employee relationship existed and the subcontractor did not have workers' compensation insurance, CompSource Mutual will assess premium on payments made to those workers to cover for assuming the risk of a claim against you for an injury to a subcontractor and/or their employees.