Members Qualify For An Additional 5% Discount* On Their Workers' Compensation Rates!
Workers’ compensation insurance covers your employees in the event of a job-related injury and helps them get back to work as quickly as possible. State law requires standardized coverage that includes hospital and medical expenses, work-related disability income and a death benefit.
The CPhA-sponsored program helps members purchase workers’ compensation insurance for their employees. The CPhA Insurance Committee, comprised of member pharmacists, works with Mercer and Preferred Employers Group to implement best practices in risk management and meet your coverage needs.
CPhA's exclusive best-in-class Workers' Compensation program can help your pharmacy save money!
In addition to mandatory CalOSHA information and videos on workplace safety, Preferred’s team of Risk Advisors are available for consultations when you need them. They also have a strong fraud prevention policy and as a California-based carrier, they know exactly what it takes to do business successfully in this State. All things that help keep your employees and your business safe.
Preferred prides itself on its stability, which includes maintaining some of the best and most consistent pricing available for CPhA members. And because of its Medical Provider Network of credentialed medical professionals, claim costs can be closely monitored and managed while providing quality care to injured employees. Preferred’s unique approach helps keep your costs of doing business predictable and stable.
Mercer’s team of insurance advisors is knowledgeable about the needs of pharmacists and is available to walk you through the application process, either by phone, or in person. Preferred’s claims examiners are friendly, accessible and are experts in helping members with an employee injury or illness claim. Plus Preferred’s payroll management and flexible payment plans help you manage your premiums in the way that works best for you and your pharmacy’s cash-flow needs.
Pharmacists save with Preferred. Preferred’s rates are set for long term consistency and competitiveness, and are managed by focusing on safety and injury prevention, fraud preventions and the control of medical costs for your pharmacy by getting employees back to work as soon as practical. All pharmacies should request a premium indication for the Preferred program to see what they could be saving.
*Most practices will qualify for group pricing and receive the 5% discount; however some practices will need to be underwritten separately when they do not qualify for the special program terms and conditions. A minimum premium of $750 applies to program participants.
What is Workers’ Compensation insurance?
Workers’ Compensation insurance is required by California state law. It provides benefits to employees due to a job-related injury or illness, for which the employer may otherwise be liable.
What’s the difference between Workers’ Compensation insurance and State Disability Insurance (SDI)?
Workers’ Compensation insurance covers on-the-job injuries and illnesses and is paid for entirely by the employer. On the other hand, SDI covers off-the-job injuries or sickness and is paid for by deductions from each employee’s paycheck.
Is there a penalty if I don’t purchase Workers’ Compensation insurance?
Yes. Failure to secure compensation is a misdemeanor. An employer may be served a stop order and assessed penalties of up to $10,000 per employee. Other penalties may also apply.
What’s covered by Workers’ Compensation insurance?
Benefits are standardized by state law and include the following:
Are rates also standardized by state law?
No. Since 1995, each insurance company in California has been permitted to determine its own rates.
What is a minimum premium?
The minimum premium is the least amount of money required by an insurance company to issue a policy. While benefits are state regulated and cannot vary among insurance companies, minimum premiums do differ.
What other factors besides “rates” should I consider when evaluating Workers’ Compensation policies?
Features to consider include the financial strength of the insurance company that is underwriting the program. Other benefits can include loss control services to aid in the prevention of losses, fraud investigation units that can deter the abuses of the workers’ compensation system, information about Cal-OSHA requirements and injury and illness prevention programs.
Can corporation officers and partners also elect coverage?
Yes. This coverage is available. However, most physicians purchase Long Term Disability policies which are usually more cost effective.