Tips For How to Pay the Lowest Possible Premium for Workers Compensation

Before your policy  year ends,  make sure you and your insurance company is on the same page so you can pay the lowest premium possible. Often employers pay higher premiums than need to and don’t find out unless they do their homework. 

Make sure  your employees are classified correctly. Are they full or part time, independent contractors, full-time or part-time contractors, temporary workers?  Separate workers by job functions such as,  sedentary workers or manufacturing/construction workers. Make sure the number of employees is correct in each classification at each work site. Make sure the claims you know are closed, are in fact closed on the insurance side. 

Take the time  to study your premium statements and loss runs. Go over your insurance statements to ensure your losses are classified correctly. Make sure medical-only claims are separated from indemnity claims. Make sure the data your insurer uses is current. Make sure the addition is correct.

Did you know you could get your experience mod recalculated if you have claims closed under the reserve amounts before the end of the policy year? Look at your statements and if claims came in under their reserve amounts,  request a recalculation for a lower experience mod. (workersxzcompxzkit)

It isn’t enough for you to know the correct information, your insurer must know it too, and these facts must be reflected in all paperwork. Time spent checking and rechecking your insurance statements and loss runs, reward