Frequently Asked Questions

Q: How can I save (more) money on my workers' compensation policy?

A: You can save money on your workers’ compensation policy by having a Safety Program, a Drug-Free Workplace Program, a deductible, an FCCPAP credit, lower Experience Modification Factor, correct classification of employees…and Workers’ Compensation Group will help you with all of these options.

Q: Are there any policies that allow me to pay in a fraction of the annual premium?

A: Yes. Retrospective rating plans for premiums $100k plus allow you to pay in a percentage of your premium during the year. If you have claims, you pay an additional premium, up to an agreed maximum amount. If you do not have claims, you do not owe any more money. The percentage can be as low as 30%!

Q: Can I pay for my policy without a deposit?

A: Yes. There are payment plans that ask for nothing down (except the state expense constant) and others that only ask for the first month’s installment, not to be held as a deposit.

Q: Can a Workers' Compensation Policy Cost Less Than Employee Leasing Workers' Compensation Coverage?

A: Yes, in MANY ways:

  • Employee leasing coverage does not offer the standard credits you can get with traditional workers’ compensation policies.
  • Employee leasing arrangements charge high administrative fees on gross payroll. You pay workers’ compensation on the premium part of overtime – an actual increase in the premium based on workers’ compensation.
  • You are subject to the leasing company’s experience modification factor while you are with them AND after you leave.
  • Improper coding of employees by non-licensed salespeople often results in higher-rated codes, etc.
  • Corporate officers and owners cannot be excluded from coverage and premiums.

Many times workers’ compensation insurance is something “thrown in” with an insurance package. Businesses are often penalized because insurance agents need to meet property or general liability quotas – and the worker’s compensation portion is bartered to suit these needs. You can save a considerable amount of money each year with the proper program designed to fit your business. We’ll help determine the right time for a paid-loss retro versus a large deductible, a retention plan, a dividend plan, or a guaranteed-cost plan.

In other words: leave the tough stuff to our experts. From compliance issues to premium payments, workers’ compensation insurance is complicated, but we’ll make it easier for you by creating a customized plan for your company. Get in touch with us today to learn more about your coverage options.