It really interesting to me how often when talking to people they tell me that they got this great price on their Workers’ Compensation Insurance but when I break it down their deal turns out to not be as good as they thought.
Part of their problem is that they shopped price not rate. I’ll give you an example…A man and a woman go to the same station and fill up their cars with gas. The woman’s bill is $37.50 and the man’s bill is $52.75. So clearly the man paid more for his gas. But of course since it’s the same station you know they both paid the same price. So why did he pay more? He had a bigger gas tank and bought more gas.
Workers’ Compensation works the same way. The total cost of Workers’ Compensation Insurance is based on the size of your payroll and the rate you are paying. So what you should be looking for isn’t the lowest price per say but the lowest rate. Getting the best rate and locking it in means that should your payroll expand or decrease in the upcoming year (and the costs along with it) you are assured that whatever you pay in total dollars you have the best deal in place.
There are a number of ways to make sure that the rate you are being offered is the lowest possible one including making sure your workers job classifications are accurate and updated, seeing if there are any credits available to your business based on the institution of a safety or drug free program, and enrollment in a qualified managed care program. There are others as well. We’d be happy to go over your options and see if any credits or discounts apply to your business. Just click here to get in touch with us and get the ball rolling. We can take it from there.