With the current state of the economy, financial decisions are on everyone's mind.
Workers' compensation insurance is something all employers need. The question you need to ask yourself is: “What are the costs in the long run?”
During the last several years of declining rates, many businesses have shopped for the lowest price using the rationale that all insurance companies are the same.
Do you have the peace of mind in knowing you are with a financially sound company? The old saying “you get what you pay for” is true in insurance too.
Getting the lowest rate may result in poor service, incorrect audits, mishandled claims or possibly an insurance company with unstable finances. All of these result in higher costs to your company.
Selecting an agency and insurance company that really understands workers' compensation and is financially secure is important. These companies generally have a disciplined approach to workers' compensation that is evidenced by strong relationships with medical providers and comprehensive injury management.
A quality carrier also should be able to help you with effective safety and health plans. These services can help your business prevent employee injuries and reduce injury management costs, resulting in a lower experience modification factor and greater availability of insurance markets.
Failing to pay attention to these areas can have a short- and long-term impact, driving up costs and squeezing profits even more.
Effective Jan. 1, the California Insurance Commissioner approved an increase in the workers' compensation claims cost benchmark. This means that insurance companies will likely increase rates to cover increasing costs.
There are things a small business owner can do to prepare for increasing rates. First, shop for a company that meets your specific needs and can help keep overall costs down.
Stay vigilant about employee safety. Take a personal interest in your employees' safety and wellbeing.
Should an injury occur, focus on communication with the injured employee and with the claims examiner. Your goal should be returning the injured employee to regular or modified work as quickly as medically possible. This will reduce workers' compensation costs and improve productivity.
Losing a skilled employee because of a work-related injury is costly to any business. Businesses that prevent accidents and handle claims efficiently are rewarded with lower workers' compensation costs.
Focusing on your employees, not the lowest price, will help you continually have a cost-effective workers' compensation program.
For more information, call Preferred Employers Insurance Company at (888) 656-5678 or visit
www.preferredworkcomp.com.
Workers' compensation insurance is something all employers need. The question you need to ask yourself is: “What are the costs in the long run?”
During the last several years of declining rates, many businesses have shopped for the lowest price using the rationale that all insurance companies are the same.
Do you have the peace of mind in knowing you are with a financially sound company? The old saying “you get what you pay for” is true in insurance too.
Getting the lowest rate may result in poor service, incorrect audits, mishandled claims or possibly an insurance company with unstable finances. All of these result in higher costs to your company.
Selecting an agency and insurance company that really understands workers' compensation and is financially secure is important. These companies generally have a disciplined approach to workers' compensation that is evidenced by strong relationships with medical providers and comprehensive injury management.
A quality carrier also should be able to help you with effective safety and health plans. These services can help your business prevent employee injuries and reduce injury management costs, resulting in a lower experience modification factor and greater availability of insurance markets.
Failing to pay attention to these areas can have a short- and long-term impact, driving up costs and squeezing profits even more.
Effective Jan. 1, the California Insurance Commissioner approved an increase in the workers' compensation claims cost benchmark. This means that insurance companies will likely increase rates to cover increasing costs.
There are things a small business owner can do to prepare for increasing rates. First, shop for a company that meets your specific needs and can help keep overall costs down.
Stay vigilant about employee safety. Take a personal interest in your employees' safety and wellbeing.
Should an injury occur, focus on communication with the injured employee and with the claims examiner. Your goal should be returning the injured employee to regular or modified work as quickly as medically possible. This will reduce workers' compensation costs and improve productivity.
Losing a skilled employee because of a work-related injury is costly to any business. Businesses that prevent accidents and handle claims efficiently are rewarded with lower workers' compensation costs.
Focusing on your employees, not the lowest price, will help you continually have a cost-effective workers' compensation program.
For more information, call Preferred Employers Insurance Company at (888) 656-5678 or visit
www.preferredworkcomp.com.