Background
When the news broke this November that California Insurance Commissioner, Dave Jones, was effectively raising the pure premium rates in California by 37% for 2012, many were simply shocked. In the middle of economic doldrums, with many small businesses in California struggling to make ends meet, raising premiums simply didn?t make sense.
Sign up for Invensure's Workers' Comp Cost Reduction Program and start saving. (800) 331-4700
Small businesses are likely suffering the most as rates increase. Workers? Compensation insurance is required by law for any business with one or more employee. Going without can result in jail time and large fines.
Recent news stories highlight the problem. Inspections are on the rise (probably because of California?s budget crisis) so companies are getting hit with huge fines because they are not in compliance with the law.
What You Can Do About It
So where does a business owner turn? What can they do? Just sit there and take it? No way! There is a solution, and a fairly simple one at that.
It all comes down to the agent who is providing the Workers? Compensation insurance. A good broker has a lot of tools at their disposal to remedy the problem of high insurance premiums. They will have relationships with all the major insurance carriers and also have the experience and expertise to know where to look and how to fix any problems.
A lazy or inexperienced broker will just take an application at face value. They will submit the information to one carrier and not put the extra effort in finding ways to lower the premium. Some even offer to do this work for an additional fee, or even suggest hiring an expensive 3rd party auditor.
However, if your broker is experienced in workers? compensation and really cares about you as their client, there are several things they can do to help. There are some technical factors they will analyze carefully. Losses and other data are reported on the Unit Statistical filing, and this affects the experience modification factor, which in turn, determines your premium.
Studies have determined that over 70% of experience modifications have errors. These are errors that a diligent, experienced insurance agent would have found. Fixing these types of errors can result in an immediate savings of 30% or more on the premium.
The Solution to Save Money on Workers? Compensation Insurance
Invensure Insurance Brokers, Inc. has over 35 years experience working with clients to lower the cost of their Workers? Compensation insurance premiums and the associated costs.
Because of the rate hike this year, there is a special Workers? Comp Cost Reduction Program to help those who sign up.
Click here to sign up.
Or call (800) 331-4700 to learn more.
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