1. State Rates
2. The Experience Mods and the insurance company
3. Ask about dividends or other financial incentives to get a break on your premium.
If you cannot obtain coverage, contact you state for coverage. The state may be obligated to provide coverage for those companies unable to obtain coverage otherwise.
3. Your Safety and Workers’ Comp Management Track Record
1. Establish and vigilantly maintain aggressive safety and workers’ compensation management programs at work.
When your insurer sees evidence of safety and workers’ comp management, i.e., a reduction in frequency and severity of work-related incidents, a reduction in convalescence time, an increase in return to work events – you are then in a position to bargain for more favorable premium rates.
Author Robert Elliott, executive vice president, Amaxx Risks Solutions, Inc. has worked successfully for 20 years with many industries to reduce Workers' Compensation costs, including airlines, health care, manufacturing, printing/publishing, pharmaceuticals, retail, hospitality and manufacturing. He can be contacted at: Robert_Elliott@ReduceYourWorkersComp.com or 860-553-6604.
Podcast/Webcast: Claim Handling Strategies
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Do not use this information without independent verification. All state laws vary. You should consult with your insurance broker or agent about workers' comp issues.