If you run a business with employees, you need workers compensation insurance. It’s actually required in most states even if you have just one employee. That’s because accidents happen — even if you work in a low-risk office environment.
Briargate Insurance has years of knowledge and experience dealing with workers compensation insurance. We’ll walk you through key areas that are affecting your workers compensation premiums and work with you to lower your overall risk with employee education, safety checks and audits and proven risk management practices.
What makes my workers compensation premiums go up?
The biggest factor that affects your workers comp premiums is a claim. Claims from this year will also affect how much you pay in the future, too. To help get an accurate picture of your current workers compensation plan we will look at the following:
- Total money paid in claims over the years
- Losses experienced by cause and nature of injury
- Expected vs actual loss ratio
- Risk management policies currently in place
- Areas you can improve to control future losses
- “Return to Work” program
- Industry benchmark comparison
What does workers compensation insurance cover?
Any medical expenses for treatment of job-related illnesses or injuries are covered under workers compensation insurance. Workers comp also provides disability payments to employees while they are unable to work, which is typically about two-thirds of their regular salary.
How long will a workers comp claim affect my premiums?
If the company is large enough, it is given an experience modification factor. This is a component of what is used to figure your workers compensation premiums and is based on claims that occurred during a 3-year time frame. That means every claim you make will affect your mod factor and premium rates for three years.
How can I lower my workers comp premiums?
Our team will help you review your current Experience Modification Factor and explain how it affects what your total annual premium will be. We can assist you in implementing loss control tactics that can help lower your claim frequency. Employee education, safety checks and audits, work comp claim management and following through with risk management practices will go a long way in reducing the overall cost and amount of claims. The resulting benefit will be a lower experience modification factor and a reduction in your total annual premium.
Do I have to buy workers compensation insurance?
In Illinois, workers compensation is required in nearly every work situation and for every employer, even those with one part-time employee.