There is a lot going on right now and your business may be suffering. Now is a good time to have a review of your business insurance and workers compensation programs. 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.