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Do my rates go up if I use
an agent?
No. Use of the agent plan does not change or impact the policyholder’s
premium rates. The rate is the same whether the policyholder uses an
agent or not.
On what date does the policy
become effective?
Unless you need a later date, new 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. The expiration date
always falls on the first day of your policy’s anniversary rating date.
What is a “certificate of
insurance”, and how do I request one?
A Certificate of Insurance issued by CompSource Oklahoma
certifies to a 3rd party that you have
workers’ compensation coverage, and that CompSource Oklahoma will endeavor to notify the
certificate holder in the event the policy is cancelled. When requesting a
Certificate, you must furnish the name and address of the person or business requesting
the Certificate.
You can call (405) 232-7663 ext. 5107 to request a Certificate, or submit
our electronic request form.
If an employee is injured out of state, what
benefits will CompSource Oklahoma pay?
If an employee’s contract of employment was entered into with 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 Oklahoma will
pay the employee benefits authorized in that state. In the absence of such election,
the claim should be filed in Oklahoma and CompSource Oklahoma will pay benefits as authorized by
Oklahoma law.
How does CompSource Oklahoma calculate my premium?
Your premium is calculated by assigning a business classification code
(or combination of codes)
that best describes your operations. Each code represents a rate per $100
of payroll that is multiplied by your total estimated annual payroll. Other factors
may affect the calculation, such as your business’ safety record and
experience modifier.
Will my policy automatically renew every year?
No. Unless your business is a public entity,
approximately 45 days before your policy expires, you will receive a “Renewal
Packet”. The enclosed “Authorization to Renew” form must be signed by an officer,
partner, or sole proprietor and returned prior to the renewal date. Also enclosed in
the packet will be an example of your renewal policy. Fifteen (15) days prior to
renewal date another “Authorization to Renew” form will be sent to those who have not
previously responded.
What are CompSource Oklahoma’s payment plan options?
Policyholders with fluctuating payroll like the convenience of a monthly reporting
basis. A minimum 25% deposit premium is required for monthly reporting. Quarterly
reporting is also available for a minimum 50% deposit premium. Policyholders
who pay on or before the due date enjoy a 1% premium discount (also called the
“prompt pay” discount).
How do subcontractors affect my premium
calculation?
Generally,
if an employer-employee relationship exists between you and your uninsured
subcontractor, your business can be liable for benefits to the subcontractor
if an on-the-job injury occurs. Additionally, if your subcontractor fails to
obtain workers’ compensation coverage for its employees, your business may be
liable for the on-the-job injuries of your subcontractor’s employees. If there
is risk of a claim against you for an injury to a subcontractor or its
employees, CompSource must charge you additional premium for the risk.
Generally, subcontractors are independent contractors and not employees when they perform
work and are free to determine the manner and method of the work to be
preformed, free from your control and direction, except as to the result or
product of the work. Carefully review your status with each uninsured
subcontractor you intend to use. The safest way to protect your business from
these claims and additional premium is to require certificates of workers’
compensation insurance from your subcontractors before the job begins.
Click here to view a list of factors used to
determine if a subcontractor is an independent contractor or employee.
Does filing a claim increase my premium?
In general, no. Workers’ Compensation premiums do not automatically increase
in the same manner as car insurance or other liability insurance. However, CompSource Oklahoma
reserves the right to special rate policyholders whose claims experience is unusually
adverse.
If I don’t think a claim is job related, should
I file the claim?
Yes. Reporting a claim does not imply your endorsement of its validity.
Report the claim
information to CompSource Oklahoma and indicate that you question the validity of the claim.
Who do I contact if I have questions
about my bill?
Our Premium Billing department can explain your bill, give you a balance, or
help you with any other billing question you may have. Just call 1-800-347-3863 ext. 5105
and ask for the Billing department, or call them direct at (405) 232-7663 ext. 5105.
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