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9 Things To Know When Shopping For Workers Compensation Insurance
By Transportation 1st Insurance on December 07, 2011 |
Total Viewed: 53 |
| Post by : Shawn Wise |
| Category: Finance |
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- How can I save (more) money on my Workers’ Compensation policy?
Just some of the ways you can save money on your Workers’ Compensation policy are by having a company sponsored Safety Program, a Drug-Free Workplace Program, a deductible, instituting a Light Duty-Return to Work Program, having a lower Experience Modification Factor, correcting the Classification of employees having an aggressive carrier to investigate and fight fraud and getting a Group Policy. Our office will assist you with all any or all of the above options your company would like to implement or know more about.
- Can I pay for my policy without a deposit?
Our company features several Transportation & Trucking Work Comp programs that require no premium deposit and others that only ask for the first month’s installment, but do not require a “premium deposit”.
- Are there any policies that allow me to pay in a fraction of the annual premium?
Yes, retrospective rating plans allow you to pay in a percentage of your premium during the year. If you have claims, you pay in additional premium, but usually no more than you would on a regular plan. If you do not have claims, you will not owe any more money. The percentage of the annual premium you pay may be discounted as much as 70%! To find out more, call and ask one of our Agent/Brokers.
- Can a Group Policy, Professional Employer Organization or Employee Leasing Workers’ Compensation help me reduce the costs of my Trucking company’s Workers Compensation.
In many cases, a group policy, such as that of a Professional Employer Organization (PEO) or Employee Leasing Company can provide significant savings in Workers Compensation premiums by pooling the premium, thereby reducing overall costs. In many cases, the PEO can obtain lower purchase rates on Workers Comp, has a lower Experience Modification and in some cases, even lower SUTA rates and can pass these savings on to you. Many firms find this to be less expensive. There can be many other advantages of working with or being in a PEO arrangement as many provide Human Resources Services, Risk Management services, aggressive claims handling and Loss Control, Employee Benefits and Payroll Services. Another reason our Trucking & Transportation clients prefer this kind of policy is that it eliminates time consuming and aggravating audits. To find out more about this type of plan, or what kind of Workers Comp plan is best for your Transportation company , feel free to call our office and speak to a representative.
- What Workers’ Comp requirements must I follow as a Transportation Company?
Most State laws require you to have an active Workers’ Comp policy or to file an exemption from Workers Compensation. An exemption excludes you from the requirements of Workers’ Comp. Exemptions are only valid for the individual and company name listed on the exemption. Exemptions do not extend to any employees, casual laborers or subcontractors of your company. If you are exempt but have employees, you must have a Workmen’s Comp policy to cover them.
- What may happen if I don’t follow requirements for Workers’ Compensation coverage?
You are subject to fines and assessments in your jurisdiction and may even shut down by the state you operate in and any other state you have drivers travel to if you are not in compliance with that states Workers’ Comp requirements.
- Is it required that I have to pay Workers’ Comp for helpers/casual laborers?
Yes. The vast majority of states clearly require that your company must provide Workers’ Comp for all helpers and casual laborers, including 1099 employees and temporary employees, unless they are employed by a separate company with a valid Workers’ Comp policy.
- What if I hire a sub?
As a Transportation or Logistics firm, or even as Fleet Manager or Operator, most state laws make you responsible for paying for Workers’ Comp on all of your subs and their employees unless they have their own Workers’ Comp policy or have a valid exemption from workers’ comp. If you discover that your sub is out of compliance with workers’ comp requirements, insist that they correct the issue before you allow them back on your jobsite. By doing so, you will avoid costly repercussions from the state, liability for any accidents that may occur and additional premium charges from your Workers’ Comp carrier.
- Managing cash-flow as a Trucking Company is hard enough! What are the different ways I can pay my Work Comp Insurance bill?
There are several ways that insurance companies will bill Workers’ Compensation insurance premiums and it is best to have an Agent or Broker discuss these options in detail with you. Since the premium is based off of the your Company’s payroll estimates, both ways described below involve an audit to verify the payroll amounts. The most common way to bill the premium is through using the estimated payroll. The estimated annual premium is then paid upfront or in installments throughout the year. At the end of the policy year the insurance company will conduct an audit to find out the actual payroll and adjustments will be made to the premium. The other way to bill workers’ compensation premium is through monthly self- reporting audits. Remember, most PEO or Group Policies do not have an year-end audit and in most cases there is no Premium Deposit. To find out more about any of the plans available to your company, contact a representative who will be more than happy to assist you.
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About the Author:
With more than 30 years of experience in Truckers Insurance, in both Workers Compensation and General Liability, Transportation1stInsurance.com is the #1 transportation truck insurer and trucker resource in America. Our agents work with only “A” rated companies to provide affordable and reliable insurance for your business. |
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Tags:
workers compensation,
workers comp,
workmans comp,
truckers insurance
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