Workmans comp insurance is an important component of any employer’s insurance package. It is also likely to be the most expensive part of an employers insurance program. There a few important rules every employer should know in order to save money on workmans compensation insurance.
- Shop your work comp coverage each year
- Comp carriers continually change their appetite for new business. Make sure you have a workers comp carrier offering a fair price each year.
- Allow 30 days or more for the best options
- Some work comp carriers will want to pre-inspect your business before offering a quote. Other insurance companies may be busy with renewing current policies. It can only benefit you to give all of the carriers an opportunity to provide a quote for your business.
- Buy from an Agency with multiple workers compensation carriers and program options
- Many smaller agencies are either captured by one insurance company or do not represent more than a few carriers for insurance. This is due to the fact that many agencies can't qualify for contracts with many carriers because they can't produce the volume of workmen's comp premium required by multiple insurance companies. Employer and consumers will always benefit by utilizing an agency with a greater variety of options.
- Utilize an Agency that specializes in workman's compensation insurance.
- Federal and state laws continuously change with regard to work comp insurance. Choose an agent who is knowledgeable about the current laws and rules within your state
- Create a safe work environment and talk about safety on a regular basis.
- Nothing can cause your workers compensation insurance premium to escalate as fast as claims or losses. Make sure you are providing safe working conditions and that you communicate about safety topics and the need for safe practices on a consistent basis
- Manage your claims and employees.
- When a claim happens get involved and stay engaged in the process. The way you manage a workman’s comp claim can be the difference between a small loss with minimal impact and a larger claim involving medical and employee time off (indemnity benefits) creating a poor loss ratio and experience rating or high modifier. Learn more at http://www.ncci.com
Workers Compensation Shop is a national agency specializing in educating employers about workmans comp insurance and helping them to buy and manage their workmen compensation insurance.
Visit our workmans comp quote page to get workmans compensation quote options and to buy workmen's comp insurance today.
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