The cost of a Workers' compensation insurance policy will depend on many factors unique to each company. Understanding what factors are considered will help you make sense of your risks and provide the information you need to ensure your employees have a safe environment to work in. Talking to your insurance agent will help.
Classification codes and risk categories are used to determine your employees' level of risk. Different types of work involve different levels of risk. For example, a cashier at your grocery store is less likely to be injured than a steelworker who does construction.
The number of Workers' compensation claims that have been filed in the past and your company's experience modification rate will also affect how much your company will pay for its several types of insurance coverage.
Like most other insurance policies, your company's location will also be considered when determining how much you will spend on your Workers' compensation coverage. Your agent will be able to go over these details with you.
The number of people you have on your payroll and the overall size of your company are two of the most important factors considered when applying for Workers' compensation insurance. If your payroll numbers are accurate, you may need more coverage to protect you sufficiently.
Effective safety programs will keep your employees safe and provide them with the tools and resources to do their jobs without fear of being involved in a work-related accident. Training programs and providing mandatory PPE can lower your insurance costs.
Creating a safety-conscious work environment is another way to keep insurance costs low. Providing employees with safety tools and performing regular inspections will help create an environment where safety is always the priority. Insurance agents can provide you with information to keep your employees safe.
Return-to-work programs train employees who cannot return to their previous positions. Workers' Compensation insurance pays for this coverage so employees can return to work in a position where they can function comfortably.
Companies that do not require a drug screen or background check may open themselves up to increased risks of injuries in the workplace. Proper screening and hiring practices can ensure their workforce is healthy and drug-free. This creates a more positive work environment.
Not all Workers' compensation policies are the same. Just like when considering purchasing any other big ticket item, you should compare carriers, the coverages they offer, and the costs of each policy. This additional research will ensure you are getting the best deal possible for your money.
Always choose a carrier with a stellar reputation for quality customer service. Choose a carrier willing to work with you and listen to and address your concerns. Building a positive connection is essential.
Navigating the intricacies of Workers' Compensation insurance is made simple with GrayStone Insurance Group. Our knowledgeable agents are at your service to address your inquiries about cost determinants. We're committed to helping you uncover the answers you seek, ensuring you clearly understand your Workers' Comp coverage. Contact us today for expert guidance on this essential aspect of safeguarding your business and employees.
