When your employees are taken care of, your business is taken care of.
A key part of running your business is keeping employees safe at work. However, if one of your employees does suffer an injury, workers compensation coverage provides you and your employees with important protection.
You pride yourself on operating a safe, secure work environment where your employees can perform to the best of their ability while helping your business grow. Even in the most ideal circumstances, the reality is that accidents and illness still happen.
A slip and fall at a restaurant resulting in broken bones, an equipment malfunction at a construction site causing eye injury—it could be any number of things.
The ISU American Business Insurance Difference:
We make sure you did not overpay in the past provide a full three year work comp audit. This includes revising retroactively and misplaced employees, any charges for insured subcontractors, and any mistakes on audit. We provide this service on a contingency basis, meaning if we do not find you any savings, you do not pay a dime.
We can place your coverage with over 400 different insurers across the US.
We make sure you do not overpay in the future, at no cost to you, we review your claim reserves. If your account is not regularly reviewed you will find that your reserves will on average be overstated by about 30%. By auditing them periodically we have been able to save 27 points of experience modification on clients that move their work comp to us. Meaning saving you 27% on your work comp.
We also can provide up to 5% discount up-front and 5% dividend at the end of your policy, just by being a member of a chamber of commerce or industry association. Contact us to find out if your memberships pay.
Am I required to have Workers Compensation Insurance?
Workers compensation coverage is a state-mandated insurance program that covers lost wages and medical treatment resulting from an employee’s work-related injury or illness. It also covers services needed to help an employee recover and return to work.
In most states, work comp insurance is required.
How Much Is Workers Compensation Insurance in Greenwood?
Because coverage requirements vary by state, the cost of Workers Compensation depends on where your business operates. Other factors that affect your rates include…
- The number of employees you have.
- The type of work your employees do.
- Your claims history.
- Your industry.
Like all insurance, Work Comp is priced based on risk.
Riskier industries and jobs are more expensive to insure than less risky ones. To make sure prices are as fair as possible, they’re determined by classification codes.
Each type of work or industry has a unique code that classifies the industry and risk, and helps the insurance carrier determine a suitable rate.
One way to save money on your Workers Comp policy is to make sure you’ve classified every employee correctly. The secretary for a construction firm, for example, will have lower rates than the bricklayers.
At ISU American Business Insurance, we understand the importance of keeping your employees safe and sound. After all, they are the foundation of your business.
Call our office today and we’ll discuss your needs and options. You can also head over to our quotes page and get started that way too.