Work on your Workers Compensation numbers with Corkill
When you run a business, accidents on the job are always a possibility – even in low-risk office environments. That’s why workers comp insurance is a must (and most often mandatory) for any business with employees. Unfortunately, workers compensation insurance can also be one of the highest line items on your expense sheet – with premiums that can rise and fall without notice – if you’re not carefully monitoring and managing your risks.
Thankfully, Corkill Insurance knows how to help you improve your experience modifier and works with you to get your risks and premiums down. We know what areas to look at that impact your workers compensation premiums. We develop programs that help you manage your risk. And, we educate you and your employees on how to keep those costs down moving forward.
Factors that make up workers compensation premiums
The biggest factor that figures into to how much you’ll pay for workers compensation insurance is whether you’ve had any recent claims. Claims not only affect you the year they happen, but they’ll also affect how much you’ll pay in premiums over the next few years. How much it will affect you is where Corkill’s expertise comes in. We’ll look at the following statistics, practices and programs and craft a plan that addresses each of these items specific to you:
- Total money paid out in claims over the years
- Losses by cause and nature of injury
- Expected vs. actual loss ratio
- Current risk management policies
- Areas you can improve to control future losses
- “Return to Work” program
- Industry benchmark comparison
“When we first started with Corkill, we had issues with our experience modifier and through the diligent work and follow-up by our agent, Luke Praxmarer, we were able to get it below 1.00 which meant we got our “contractor’s credit” back and saved a huge amount on our premiums. - Mike Hoff, Crosstown Electric Inc.
Expenses covered by workers compensation insurance
Workers compensation insurance covers hospital and medical expenses for the job-related illness or injury, as well as disability payments to the employee while they are off work. This usually works out to about two-thirds of his or her regular salary.
Effects of workers comp claims on insurance premiums
Workers compensation premiums are typically calculated using a three-year span experience modification. Every claim you have will affect your E-mod/X-mod number and your premium rates that year and the years immediately following it. Corkill will help you find out and analyze your mod factor, explain how it is affecting your premiums and put a plan in place to help you lower your number and premiums over time.