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How Can I Save Money On Work Comp Now?
There Are 2 Ways To Save Money on Work Comp Insurance Now; a Work Comp Premium Audit & Aggressively Shopping Your Business
Workers' Compensation Insurance Premium Audit
The expertise of an independent workers compensation insurance auditor can be invaluable to your efforts to immediately reduce the cost of Workers' Compensation Insurance. Experience Modification Errors, payroll audit errors, improper classification, and many more underwriting issues can inflate your premiums.
Competition For Your Workers Compensation Insurance Business
There's nothing like a little competition to get workers' compensation underwriters to sharpen their pencils! Insurance companies file different workers' compensation rates for your specific classification codes, and those rates can vary significantly. Start a quote and, on average, 10 - 12 different work comp carriers will receive your quote for proposal.
Review our website? We're not salespeople.
We're work comp experts who want to put our expertise to
work for you when you buy workers comp insurance.
Workers' compensation insurance, commonly referred to as work comp insurance, helps employees injured on the job. Work comp pays medical costs and lost wages when employees are injured at work. It can include rehabilitation services and death benefits too.
Workers' compensation insurance is know as the "exclusive remedy" for work-related injuries. Work comp is required (almost) everywhere in the United States. And, in exchange for purchasing this insurance, employers receive protection from liability. Employees can not file suit against their employer (except in extreme circumstances like intentionally injuring an employee), and, instead, must utilize the employer's work comp program. The exclusive remedy.
Workers' Comp For Employees
Employers buy Workers Comp Insurance to pay for medical care and replace a portion of missing payroll wages when employees are unable to work due to an accident.
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Medical bills
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Lost wages
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Disability Payments
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Death Benefits
Workers' Comp For Employers
Accidents happen, but workers' comp helps give your business a safety net. In addition to helping cover medical bills and lost wages, the coverage may help with:
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Vocational rehabilitation services to help get your employee back to work
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Employee legal liability
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Protects business owners by paying legal expenses if sued for a workplace injury.
The business owner, or employer, pays their insurance company premium to provide workers' compensation coverage for employees.
The cost of a policy is a complex "algorithm" detailed in this blog post. Very simply, the foundation of pricing a work comp policy taking the insurance company's rate for your industry and multiplying that rate to your payroll (payroll is the "basis of premium" for work comp).
When an employee is injured on the job she should seek immediate medical treatment. And, as soon as practically possible, a supervisor should report the injury. Once a medical provider has seen the patient, that provider will complete a report and send it to the employer's insurance company to be processed.
Review our website? We're not salespeople.
We're work comp experts who want to put our expertise to
work for you when you buy workers comp insurance.
If you're in the market to renew or buy Workers Comp Insurance and interested learning more about Workers' Compensation premium determination, Experience Modification Rates, payroll auditing, marketing your account, claims & risk management, etc, contact us and we can help. We do typically recommend a cost-free work comp premium audit as a first step. This an opportunity to 1) obtain refunds from prior policies, 2) save money on current and future polices, and 3) learn about your unique circumstances; claims history, claim trends, business operations, etc. The time we spend on your audit allows us to identify other issues for which we can either help or make recommendations.
Yes! Our workers comp insurance expertise makes us especially valuable to business' who spend a significant percentage of their total insurance budget on workers' compensation. And, we can help with your whole Property & Casualty program. But, we like to lead with workers comp!
Review our website? We're not salespeople.
We're work comp experts who want to put our expertise to
work for you when you buy workers comp insurance.
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About
Cytron Group LLC Blog
Categories
Posts
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Use And Misuse Of Experience Mods As Qualifiers For New Business
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Part 2: Use And Misuse Of Experience Mods As Qualifiers For New Business
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Is Your "Bad" Experience Modification Rate (> 1.00) Really That Bad?
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Use Reserve Auditing To Lower Your Renewal Experience Modification Rate
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Don't Overlook Your Experience Modification Factor In Your Due Diligence Analysis
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Informational Asymmetry: How To Close The Work Comp Information Gap And Save Money
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Could Requiring A COVID-19 Vaccine Increase Your Experience Mod And Work Comp Premiums?
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Do My Work Comp Refunds Indicate That I Received A Fair Price?
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Labor Burden Rate: The 1 Action You Can Take Right Now To Reduce LBR
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Missouri Employees? Reminder about changes to Missouri Employer-Paid Medical Program
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Workers’ Compensation Rates Falling. Will Your Premiums Follow?