It’s the last quarter of the year and now is the time for business owners to take a closer look at their current workers compensation insurance. Most companies will renew these policies in January, but just renewing a current policy is not a good idea. This is very important as rates continue to skyrocket in many areas.
Rather, to fight high workers compensation rates, businesses can pay close attention to a few key factors.
How to Get Lower Workers Compensation Rates
No matter the industry or the number of claims your company has filed in the last year, don’t settle for a rate increase. Instead, consider these tips for negotiating lower costs.
- Create and implement a safety plan. Insurers want to see lower risk present. Safety plans are a complex process, but once in place can help to reduce the number of risks in any workplace. This translates into safer employers and lower business insurance rates.
- Determine what your reserves are. This should not be a guess. Rather, as with all types of business liability insurance, workers compensation coverage should match the specific risks of the business. Work with an agent that can do this.
- Shop for updated insurance. Link workers compensation insurance alongside commercial liability insurance and property insurance. A comprehensive plan from a single insurer can reduce the overall costs. Shop numerous insurers to determine which can offer a comprehensive, cost-saving solution for your needs.
Don’t settle for the rate that you’re given by your current commercial insurance agent. Instead, spend some time looking at each of your options and plan savings opportunities to find ways to cut your costs significantly. Most business owners can fight higher rates and increasing premiums year-after-year with a bit of focus on these key areas. We may be able to help lower your California worker compensation rates. Give us a call today at 714-258-2800 or 888-725-7776