What's the right coverage for your company?
Now, more than ever, multiple solutions are available to provide Workers' Compensation for your employees. Premiums can vary widely. Many factors impact your premium.
How can you make sure that your limits, coverage and premiums are the right one for you? I recommend staring with an agent that specializes in the healthcare industry.
There are dozens of risk classifications and the money that you pay on premiums is greatly affected on the amount of payroll you have on each risk class. Your agent specialist should review your payroll with the job functions of your employees to ensure they are the correct ones.
If your premiums are greater than $5,000 annually for the last three years, the NCCI calculates and assigns an experience mod that is applied to your premium calculations. For example: If your organizations has experienced a high number of claims, your experience mod may exceed 1.00. Meaning, if a premium is at $10,000 and you have an exp. mod of 1.35 your premium will be $13,500.
To determine if you have the right coverage at the best possible premium. contact Scott Fikes at (405) 365-8999.