Integrity Insurance Agency Can Help You Lower Workers Comp Rates
As you are aware, workers’ compensation insurance is required in Kansas and is aimed at protecting both you and your employees in the event of on-the-job injuries or illness. Workers comp will cover the employee involved with the money necessary to cover lost wages and medical expenses, and it protects you from paying these expenses out of pocket.
Even the safest workplaces and simplest jobs carry some risk. Accidents happen, and in order to anticipate these unforeseen circumstances, workers’ compensation coverage provides an employee who is injured or becomes ill on the job certain protection in exchange for waiving their right to sue their employer.
The workers’ compensation coverage purchased by your business covers the cost of medical treatment, rehabilitation and disability benefits of an employee injured or sickened on the job. In extreme cases, the policy would pay funeral expenses. Further, this policy may save you valuable time and resources in the future by preventing costly, time-consuming litigation.
What Workers Comp Can Do For You
Even though most businesses are legally required to carry a worker’s comp insurance policy, many business owners are unclear about the purpose this policy serves. Integrity Insurance Agency can help you understand the benefits of workers comp protection. It’s a given that most decisions you make as a business owner contribute in some way to the bottom line. Think of workers comp and other types of business insurance as an investment in the long-term financial security of your business.
How Costs Are Determined
Many factors are involved with how workers’ comp premiums are calculated, starting with the work itself. Different levels of risk are associated with different jobs, and your premium will vary depending on the type of business you’re in. Clerical, accounting and other office-based work are generally considered low risk, while carpentry, construction and road maintenance, to name a few, are jobs with greater potential for risk.
Reducing the Cost of Workers Compensation Insurance
Like other policy types, there are many factors that contribute to the overall cost of insurance. And there are ways to reduce the cost of Workers Comp Insurance.
The first factor that can be managed is what is call your Experience Modifications Factor or “Mod” for short. To simplify things a bit, your Mod is a measurement of how your company’s Work Comp losses compare to the expected losses in your industry. So, to reduce the cost of Workers Comp Insurance, you can put practices in place to improve the safety of your workplace and prevent injuries. Practices include:
- A Risk Management Program including Safety Manuals
- Return to Work Resources
- Injury and Illness Investigation Programs
- And many others as found at Top Ten Ways to Control Your Mod
Sign-up for Free Access to Our Library of Resources
As a client of Integrity Insurance Agency, you will be given access to Integrity Advantage, a library that includes resources for:
- Legislative Updates and Hot Topics
- Compliance Safety
- Risk Management
- Employee Newsletters
- An online forum to discuss best practices with industry peers.
Contact Integrity Insurance Agency for Workers Comp and More
With adequate workers comp in place, not only will you be doing right by your employees, you will be doing the right thing for your business too. We offer a wide range of business insurance solutions for businesses in Topeka, Kansas and the surrounding area.