Hunter Nelson explains the difference between workers' compensation and occupational accident insurance, emphasizing employee classification: workers' comp covers W-2 employees, while occupational accident insurance can cover 1099 or dependent contractors. He also states that workers' comp premiums are calculated from three main factors: EMOD (experience modification), payroll, and class code.
Workers comp Ock and work comp is what they are commonly referred to. Mainly. Mainly it comes down to two big things. Is the employee that's actually be an employee W2 or is your driver a independent contractor? A 1099. Right. If they are 1099, you cannot put them under workers comp. Workers comp is only for W2. Actually employees. Okay. Occupational action, which is very similar in the coverages and how things work There is for 1099s or dependent contractors. So you can have both policies, but that is how it works. If you're looking at the workers comp section, it's going to be based off of two things. They're going to. Well, I should say this. The insurance company is going to rate you based off of two things. A workers comp is a very simple math problem on what your premium is going to be. So it's very nice. Your workers comp is going to be based off of your emod. I'm sorry, it's three things. Your emod, your payroll and your class code.
