Advantages Of A Regular Workers’ Compensation Market Review

Your busy building your business; often reviewing your commercial workers’ compensation insurance seems like going to the doctor. Besides your costs did not go up that much this year, right?   Paying your insurance premiums isn’t always enough. Having the right combination of coverage and price is one of the most important things you can do regarding for your business.

We recommend a regular market review of your business insurance, including your workers’ compensation plan. Here are some of the advantages or reasons to do that.

• Sometimes insurance company’s miss classifies your account. If you have the wrong class code, it could be costing you thousands of dollars every year.
• The workers’ compensation market changes with new insurers coming in the market. New insurers usually will have higher credits to attract new business.
• As your business changes, your insurance coverage needs to change with it. A regular review of your program can help provide the right kind of coverage. For example, you may have added a location out of state. This may not be automatically covered.
• Part of the market review can be an analysis of claims. If we can reduce the claims cost, premiums will follow.
• An insurance review makes sure all your coverage and limits are the best the market will afford. Competition is generally good for the consumer.

Sometimes, through our market review, we find businesses are paying for their workers’ compensation coverage than they need to. There are many benefits to your business from an insurance review by our agency; including finding new ways to save money, checking classification coding errors, identifying gaps in coverage.

Slevin Insurance Group is located in Plainfield IL (serving Naperville IL, Oswego IL, Romeoville, Lockport, Chicago, etc.) and is independently owned and locally operated to handle your insurance needs. We believe that local insurance agencies can best serve your insurance needs. As your local insurance agency, we will assist you in finding just the right combination of tailored, personalized insurance coverage at just the right price.

This entry was posted on Tuesday, May 21st, 2019 at 11:09 am and is filed under Business Insurance, Employment Liability, Safety Tips. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.