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What is a Workers Comp Waiver of Subrogation? - YouTube
Channel: Rogue Risk
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what is a
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workers compensation waiver of
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subrogation what do you need to know
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about the idea of subrogation and when
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is it appropriate and when is it not to
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offer a waiver of subrogation to a
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client or third party we're gonna answer
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those questions right now
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[Music]
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hi ryan hanley here founder and
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president of rogue risk where we do
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insurance differently specifically by
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giving you knowledge and information to
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make the right insurance decision okay
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when it comes to a waiver of segregation
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for your workers comp few things we need
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to kind of break down real quick and
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then we'll understand what the waiver is
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first and foremost what is subrogation
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in general it is when uh there is uh
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incident reported on your insurance
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which ultimately wasn't your fault that
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is a broad high-level way of explaining
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it but essentially
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say an employee comes in injured but
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that injury occurred on the property uh
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doing work for
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say
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a third party or a client and they were
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actually responsible for the injury so
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what that means is you have a claim on
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your workers comp policy that was
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someone else's fault so in this case
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what would happen is that claim would be
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registered to your insurance and then
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your insurance company your workers comp
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company would go and they would recoup
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the money for that claim from the client
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or third party who who was actually
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responsible for the injury to your
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employee so this isn't a fairly common
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thing uh only because oftentimes uh in
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the course of work you know it's the
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person's job and it is ultimately your
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worst comp policy response but this does
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happen and oftentimes clients and third
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parties will ask for a waiver of
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subrogation
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so what a waiver of subrogation does is
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say okay
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uh
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your employee got hurt because of
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something we did
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um but in this case because you've
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offered me a waiver of subrogation you
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your insurance company cannot come after
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my insurance company
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for the claim expense so what this does
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is it basically puts all the onus if you
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offer a waiver of subrogation it puts
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all the onus on your business your
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insurance policy so instead of
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um
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that your employee being injured putting
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a claim on your insurance and then your
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insurance company getting that money
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back from your client or third party
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which in this case that would not impact
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your
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uh insurance premiums and most likely
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depending on which state you're in not
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impact your workers comp experience mod
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okay which are very good things in this
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case you're denied that right you've
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contractually given up the right to
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subrogate against the third party and
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now that uh claim its expense and its
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impact on both your premiums and your
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experience mod you take the full brunt
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of so when you are offering a waiver of
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subrogation understand that you are
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essentially waiving your right to recoup
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money which should have come from
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someone else now there are many business
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reasons to do this yeah first and
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foremost it may be a requirement of a
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contract from a client or third party
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that you ultimately want to do business
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with and in that case you have to make
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the business decision whether you are
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willing to give up
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the your right to subrogation so
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essentially subrogation is something
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happens it's the claim is placed on your
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insurance policy but it was someone
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else's fault and your company is able to
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go out through the through the process
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of subrogation and get that money back
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which then reduces the impact to your
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premiums and your claims experience
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that's a good thing however we are often
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asked for waivers of subrogation and in
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those cases if we decide to do that it
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is important that we know we are giving
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away that right to go do that so
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just being aware of this concept you may
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be able to negotiate the waiver of
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subrogation out you may not care that is
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a business decision but in terms of your
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workers comp waiver subrogation you now
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have a full understanding of what it
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means why it's important and the
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ultimate impact on your business if you
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have questions about your insurance of
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this nature and you're not able to have
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these kind of conversations with your
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agent we would love to work with you
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here at rogue risk this is the level and
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depth of connection that we build with
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our clients and uh we'd love to help you
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workers comp is one of our specialties
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that's why we do videos like this one uh
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if you want to get a hold of us you can
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give us a call
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518-960-6600 we're in all 50 states so
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wherever you are we can work with you
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you can visit us online at roguerisk.com
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you can email us at gorogue rogris.com
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or i'm sure there is a link or a button
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somewhere around this video i'll let you
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contact us whichever way you choose we
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look forward to working with you
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you
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