Key Takeaways
- Workers' compensation is required in 49 states for businesses with employees—penalties for non-compliance are severe.
- State claims handling laws require prompt acknowledgment (15 days), investigation (30 days), and payment (30-60 days).
- Bad faith remedies for unreasonable claim denials can include punitive damages and attorney fees.
- Multi-state portfolios require a state-by-state compliance matrix reviewed annually against legislative changes.
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Test Your Knowledge
1.What is operational risk?
2.What is a risk register?
3.What is the Recovery Time Objective (RTO)?