If you own or manage a business, you know that most states require you to maintain worker’s compensation insurance coverage for your workers. This ensures that medical expenses and lost wages are covered in the case of an accident and injury.
You know it is important. After all, one serious accident can quickly sap your reserves if you didn’t have insurance in place to protect your assets. At the same time, premium increases can make coverage seem like just another added expense.
Know What Drives Premium Increases
You should be aware of the factors that drive increases in your workers’ compensation premiums. These include a high rate of accidents, a poor safety record, inadequate risk management policies and a lack of training for staff. Improving outcomes in these areas can help you avoid increases.
Take Control of Your Workers Compensation Premiums
While you don’t have control over whether or not to carry coverage, you can influence your premiums. Obtaining your policy through an experienced workers compensation broker offers some advantages that help you control insurance costs.
- They will implement a workplace safety program for your business.
- Brokers investigate and process claims while offering case management.
- They will work with you to review documents and fix any mistakes that are unnecessarily raising your premiums.
- You will gain access to rates from multiple companies competing for your business.
You have to carry workers’’ compensation coverage on your employees. You don’t have to pay more than necessary for that coverage. Work with an experienced broker to help limit increases and get premiums under control.