Consider Deductibles on Your Workers’ Compensation

An Excerpt From My Book, Simmonds on Workers' Compensation Insurance: A deductible is the part of a claim you pay before the insurance company steps in. Put another way, a deductible is a way for you to retain a portion of the loss. The larger the deductible, the larger the premium savings. Workers' compensation deductibles are usually … [Read more...]

Has Overtime Been Excluded From Your Workers’ Compensation Payroll?

An Excerpt From My Book, Simmonds on Workers' Compensation Insurance: When a worker receives overtime, the extra amount paid is not part of workers' compensation payroll. For example, if a worker makes $8.00 per hour normally and $12 for overtime (time-and-a-half) the only payroll that is counted is the $8.00. Make sure the extra for overtime … [Read more...]

Give Yourself Some Work Comp Credit

An Excerpt From My Book, Simmonds on Workers' Compensation Insurance: Most workers' compensation insurers allow underwriters pricing discretion of up to 25% above and 25% below the published rates Credits are used as competitive tools by insurers. They are often loosely tied to loss control and claims management programs. Find out what your … [Read more...]

Work Comp Tip – Know Your Perfect Mod

An Excerpt From My Book, Simmonds on Workers' Compensation Insurance: Know Your Perfect Mod If you spend more than $4,500 on your workers’ compensation premium you probably have, as part of your premium calculation, a factor known as the experience modification. It’s a calculation that compares your actual losses to the average losses of … [Read more...]

Save Premium – Check Your Class

An Excerpt From My Book, Simmonds on Workers' Compensation Insurance: Your workers' compensation rates are based on the business and industry in which you work. There are over 600 employment classifications in workers' compensation for different industries; from "Abrasive Wheel Manufacturing" to "Zoo." Important point: your company receives a … [Read more...]

Employers’ Liability Coverage

An Excerpt From My Book, Simmonds on Workers' Compensation Insurance When the topic of workers' compensation is discussed, the conversation usually concerns state mandated benefits for medical expenses and lost wages. There is a second, less well known, part of the policy – employers' liability. When a worker is injured, workers' compensation … [Read more...]

How Your Workers’ Comp Premium is Calculated

An Excerpt From My Book, Simmonds on Workers' Compensation Insurance: The workers' compensation insurance premium calculation is pretty straightforward. In short, the insurance company takes your payroll in the various classifications and multiplies it by a rate per $100 of remuneration. If you have several different employment … [Read more...]