Managing Your Program
Focusing on The Cost Drivers
to Reduce Insurance Costs
The best way to understand how you can reduce, and even keep your premiums below the price your business competitors pay, is
to focus on the factors that left unattended are guaranteed to drive up your rates. WorkComp Specialists will help you understand and navigate the cost drivers
that impact your business:
Michael R. Scotch
Manage Your Program
Watch Your MOD.
Errors made in the calculations that determine your company’s experience MOD will drive up premium. Your company is categorized by the industry you serve, such as hospitality, construction, etc.
Your experience modifier is set each year by the National Council on Compensation Insurance (NCCI) based on the risk or previous losses in your industry category. Insurers use the NCCI mods to compare your claims experience to that of your industry.
Our service to you includes a thorough review of your experience MOD worksheet. We have found that as many as 53% of the owners we assist have correctable errors that save them money.
Why Workers’ expense isn’t a big problem until today!!!
• State sets the rates! Yes, but not your dividend returns.
• There’s little completion between carriers. That’s about to really change!
• Work Comp rates have gone lower for many years. We hit rock bottom in
2016, now they head upward
• Our Experience Mod Factor is low. Great. You should use a deductible to cut
• Business has been so good and we expect the same next year. You still need to
cut wasted expense
• I’m loyal to my agent. I bet you’re more loyal to your business.
Avoid Worker Classification Code Mistakes.
Based on the specific job performed by each worker in your company, one or more 4-digit NCCI classification codes are assigned. Each class code has a corresponding rate per every one hundred dollars of payroll. Classification mistakes are common but when corrected are a proven way to lower your premiums.
We closely review your employees’ job duties and match them with the appropriate NCCI class codes to ensure you are paying the proper amount of premium.
Avoid Costly Upfront Payments.
Manage your cashflow by paying only for what you owe with Pay-as-You-Go solutions. Like the old saying goes, “
"Cash is King.” When you select the WorkComp Specialists, we’ll use our strong platform with insurers to help you take advantage of low down payments and scheduled payments that maximize your cash flow.
When is a Work Comp Certificate Applicable?
A certificate of insurance is simply an informational document issued by an insurance company/agency that provides proof of insurance.
At Work Comp Specialists, we understand the value of a fast turn-around on certificates. We get them issued as quickly as possible via fax, email, or mail.
For the immediate needs, we offer an online 24/7 system. This service allows you to print certificates at your convenience. No more delays to be paid on a job because you are waiting on your agent to fulfill your certificate request!
Should You Exempt Yourself from Workers’ Comp?
In Florida, most individuals that are an officer of a corporation, as registered with the Florida Department of State Division of Corporations, can elect to be exempt from workers’ compensation coverage.
At WorkComp Specialists, we want to make sure you understand the pros and cons of exempting yourself from your policy so that you can make an informed decision.
Interested? Learn more here...