Our clients range from new business start-ups to
seasoned companies with hundreds of employees.
Our goal is to provide your business with workers
compensation coverage at the lowest possible price.
Our client satisfaction/retention rate is 98%.
We lower your insurance costs by focusing on these points and providing you with solutions to implement our plan.
Identify the top 5 real cost factors that are driving your workers’ compensation premium.
Explain the impact on your company’s profits.
Help you to make the changes that will ultimately lower your risk and save profits.
Find all the premium reductions available to your business.
Earn our commission by improving your business.
5 Cost Factors
There are five cost factors that determine what you will pay for workers’ compensation coverage in Florida. This is our focus.
Your company’s classification code.
In reviewing the bulk of your payroll, jobs that are removed from the majority of your workplace risk are taken into consideration. For example, standard exceptions are allowed for clerical roles and outside sales persons.
When you hire my company to work on your behalf, we’ll help manage your workers’ comp expense by reviewing the detailed description of your business classification. We’ll share what we learn with you to ensure the classification made fits your operation. Operations, and worker roles do fluctuate and change in a business. So should your classifications
Identify the real cost factors that are driving your workers’ compensation premium.
This code is assigned by your insurance carrier and is critical because it is used to capture the majority of your payroll and set the rate you will pay for coverage. Your business classification is determined by the predominate operation that your company performs. There are over 800 different, and distinct classifications, published by the National Council on Compensation Insurance, NCCI.
For example, is your business an auto dealership, a restaurant, an electrical contractor, an equipment dealership? If so, then that’s how the state looks at your business. By the way, these classifications carry some of the highest rates.
Your annual audit.
Annual audits can become a slippery slope when it’s time to settle up for a policy year. More and more employer self-audits are occurring in the workers’ comp industry.
Is your carrier deducting premium overtime? Are they capping officer’s payroll? Deducting tips? Do your 941’s and UCT-6 forms true up? Did you exempt officers from coverage but find that payroll for these positions is still being included in the formula?
How many audits present additional premium that can’t be explained to you? This critical cost driver mandates your need to have a specialist on your side. It’s all a part of the comprehensive service we provide to the business owners who trust us with their workers’ comp program.
Your mod is based on several years of your company’s claims experience compared to your industry. This is your competitive edge over same industry business operations.
Our experience over decades of forensically analyzing experience mod worksheets shows a surprising error rate in the calculation. Why? Where? How?
Three years of data reported by several carriers compiled into one formula is complicated at best. Data on payroll, policy periods, and claims all has to come together to produce an accurate experience mod factor for your company.
Your experience modification factor.
Without a specialist who’s trained to locate mistakes and help with corrections, many business owners can and do lose their hard-earned profits.
There are so many details. For example, it can be as simple as the way claim amounts have been entered in the system. I contend that claims that are displayed as even amounts ~ $5000, $10,000, $25,000 ~ are reserves instead of actual claim paid amounts and don’t belong on your calculation.
Gaps in policy periods are usually wrong too. Payroll amounts that have been assigned to improper classifications cost you money. In the 25 years that I’ve tracked these things, mistakes have gotten to be fewer and experience mod calculations have improved. Data entry is more accurate, too. Yet, costly errors are still commonplace. We can analyze your formula in a manner of minutes. Try us.
Think you won’t have workers’ comp claims? You’re wrong.
Don’t make the mistake of thinking your workers will be the exception. This is why you buy coverage, and why Florida requires coverage for all but a few business situations.
Is every claim a threat to your business? No, most claims are medical only and close without frustration. It’s the suspicious claims that elevate your blood pressure, and ours.
That’s why specialists in the nuances of workers’ comp incidents and claims scenarios literally save you money, and sleepless nights. Why wouldn’t you want someone in your corner, to guide your carrier in investigating, asking second opinions, and providing settlement advice when necessary? These tasks separate us from agents that sell all types of insurance, and don’t specialize in workers’ compensation.
What? Completing a year with few claims should be your goal. It is also the icing on the cake. Why?
Insurance companies will reward you with returned premium savings, and renewal savings. But someone has to ask.
• Does your current agent have the clout with your carrier to ask for a generous return before your renewal?
• Does your agent take the time to summarize your track record and prove that your company deserves a high return?
• Does your agent have a relationship with a number of insurance carriers that will compete for your business?
Think of it this way. Your customers shop around, right? Why shouldn’t you have a workers’ comp specialist who does that for you?
Florida business owners have been told that workers’ comp is set, and there’s nothing you can do about it. Not true.
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